News, page 17

The Valencia housing market performed well in 2022, withstanding pressure from a whole range of crisis factors, including inflation, rising construction costs, rising mortgage lending rates, the energy crisis and a shortage in the labor market. All this, as well as the general uncertainty in the prospects for the development of the global economy, has crippled many markets, but Valencia was able to record several quarterly sales and price increases at once, including setting a record in the volume of housing transactions in the third quarter...

There is a separate category of real estate buyers — UHNWI, or persons with super-large net worth at their disposal. We are talking about people who have impressive fortunes of $30 million or more. According to the report «The Wealth Report» from Knight Frank, in the last few years they have paid special attention to Spain, which allowed the country to enter the top three in popularity among super-rich buyers, joining such giants as the United States and Great Britain. As part of its research, Knight Frank interviewed more than 500...

Almost all autonomous communities in Spain have recorded an impressive increase in prices for new housing in 2022. The only exceptions were the Spanish enclaves of Ceuta and Melilla, located on the Mediterranean coast of Africa. The average price increase in the country for new residential real estate ranged from 3.9%, which were recorded in La Rioja, to 9.1%, recorded in the Balearic Islands. In 17 autonomous communities of the country, prices have increased, on average, by more than 4%. ...

The past year has been successful for the Spanish real estate market. The sector has achieved indicators that have not been recorded since 2007. High inflation, at the same time, did not become an obstacle to the growth of real estate sales, at least in the first half of the year. According to INE, in October 2022, the number of real estate transactions was 11.4%, and in November by 10.8% compared to the previous year. Nevertheless, the November figures were 30% lower than at the beginning of the year. ...

According to the National Institute of Statistics of Spain (INE), from January to November 2022, sales of residential real estate in Spain reached 606,124 transactions. This achievement not only exceeds the result of 2021, but also practically sets a historical record for the local market. The only year that was able to record an even greater result is 2007. It was a peak year for the market as a whole, which turned out to be in the very center of the real estate bubble of the second half of the 00s. We are talking about 800,000...

Foreigners continued to actively buy housing in Spain. At the end of the third quarter of 2022, the number of real estate transactions with this category of buyers increased by 23% year-on-year. More specifically, according to the Ministry of Transport, Mobility and Urban Development, in the third quarter of 2021, foreigners, both residents and non-residents, made 26,617 transactions, and a year later this number increased to 32,701 transactions. Also, according to the Ministry, 16,880 transactions were made specifically for resident...

The European Central Bank (ECB) predicts that interest rates on lending, the growth of which has seriously increased since July 2022, will not reach the peak of growth until at least the summer of 2023. Along with the general slowdown in the global economy, the continuing rise in inflation, rising prices for raw materials and energy, as well as the armed conflict in Ukraine, all this creates conditions for an imminent recession in the coming year. The last increase in the key lending rate for Europe, implemented by the ECB, was 50...

About 55,000 real estate agencies in Spain are on high alert. The market, quite suddenly, faced another manifestation of a shortage in the market — most of the apartments in the country are sold out. After the active phase of the pandemic, against the backdrop of the economic recovery of 2021, and then driven by the crisis that began in 2022, tens of thousands of people rushed to the Spanish residential real estate market. It was attended by both local buyers and international consumers and investors. Someone saw an...

According to a report published at the end of 2022 by the Idealista real estate portal, the average rental rate for residential real estate in Malaga increased by 20.7% year-on-year. Thus, the rent per square meter of housing per month has reached the level of 12 euros. This is three times higher than the inflation rate recorded in Malaga over the past year. According to the National Institute of Statistics of Spain (INE), inflation in Malaga reached 6.1%. Idealista also emphasizes that this city is not the only one in Spain that has...

The state of the Spanish real estate market at the beginning of 2023 clearly demonstrates that for many, buying their own homes remains an almost unattainable dream. Prices for both old and new housing continue to grow, and at the end of 2022 there was an annual price increase of 7.1%. This has not been observed since 2007, the last «price bubble» in the local market. Mortgage terms have long since left the limits of what is reasonable for most Spanish buyers. Only for the purchase of real estate today, the buyer is required to...