The National Yearbook of the Real Estate Market in Spain 2022 reveals a year of remarkable activity in the sector, with sales figures reaching historic levels, exceeding 646,000 transactions, the highest record since 2007. However, the report shows a change in trend towards the end of the year, with a slowdown that suggests a return to "normality" after the boom of recent years driven by lower interest rates and a context of high demand for housing.
The analysis also highlights a clear preference for second-hand housing, which accounted for 82.77% of transactions, while new housing had a lower weight in the market. As for prices, the average cost per square metre experienced an increase of 6.7%, standing at €1,944/m², although a moderation in the increase was observed during the second half of the year.
In the mortgage market, the number of mortgages grew by 10.9%, although interest rates, which began to rise in the second half of the year, are pointed out as a risk factor for 2023. In addition, the report shows that the profitability of housing remains attractive compared to other investments, such as the IBEX-35 and long-term public debt.
This report is essential to understanding the evolution of the Spanish real estate market and its prospects. With a comprehensive analysis of economic variables and supply and demand dynamics, the yearbook offers professionals in the sector a guide on the opportunities and challenges they could face in the context of a market in the process of normalisation.
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