Analysts' forecasts for the housing market for 2022 indicate a moderate increase in prices, contrary to the trend currently observed in the Principality of Asturias. Prices here have fallen the most compared to 2021.
In September, Astoria became the second region of Spain where the largest drop in the average real estate price was recorded, -2.27%, it was surpassed only by La Rioja, -4.23%, according to the quarterly report on sales prices from pisos.com. These indicators contrast with the indicators of most autonomous communities, in which the price increase in any case did not exceed 4%.
The average price of housing in the Principality of Asturias in September was the same as in March 2020, immediately after the onset of the health crisis, and amounted to EUR 1,331 per square meter, which is noticeably lower than the average in Spain (EUR 1,850 per square meter). So far, the dynamics of real estate prices in the region does not seem to have justified analysts' forecasts: housing prices remained stable for most of 2020, and then showed a downward trend.
However, the market in Asturias is still beginning to recover the pace of operations before the pandemic: in the period from January to September, the number of purchase and sale transactions in Asturias (7,081) exceeded the indicator of the same period in 2019 (6,471), according to the National Institute of Statistics (INE).
The unemployment rate in the region decreased by -9.91% in the third quarter of this year, and despite the fact that it is below the national average (13.29%, compared with 16.36% in Spain), it remains higher than in most regions in northern Spain, according to the latest INE Labor Force Survey. Asturias was also an autonomous community with the lowest level of activity in the period from July to September - 51.05%.