housing latest publications
Young Spaniards emancipate at the age of 30, some three years later than the European average. One of the main reasons for this delay is related to the difficulty of accessing low-cost housing in a location that meets the preferences of recent graduates.
At the end of 2021, Construction grew faster than the economy, facing a strong increase in input prices, it is expected that in 2022 it will grow, driven by Civil Works. The mortgage market continues to advance but at a more moderate pace for this year.
Since 1996, the number of homes in Spain has increased, as well as their size. This Observatory studies the contribution of different socio-demographic factors such as average household size, population growth and the number of dwellings per household to the demand and size per dwelling.
In the middle of this year 2021, official figures show strong growth in the construction sector, an annual rate of 9.5%. A strong advance was to be expected in 2Q21, given that a year earlier the sector contracted more than 20%.
The real estate sector has good growth prospects and will lead the country's economic recovery process. It will be driven by medium and low priced new housing. Meanwhile, higher-value housing, used housing and the non-residential sector will have a slightly later recovery.
Interest rates cushion mortgage market contraction in most states. Ten years in which mortgage credit has flowed, but there is still much to do.
Housing construction will be a key sector to help the country's economic recovery. The low and mid-price segments will have the greatest dynamism, thanks to government support and the reactivation of household demand. The other housing sectors, along with non-residential buildings, will have a slower recovery.
Housing sales fell more in the Canary Islands than the Spanish average and have not recovered to their pre-pandemic level. The main reason is the reduction in foreign purchases, whose weight fell below 30% in the first 9 months of 2020. Meanwhile, prices fell by 0.9% in 2020, less than the average (-1.1%).