In 2022, 1.75 million houses will be renovated in Spain

In 2022, 1.75 million houses will be renovated in Spain

In the last two weeks, there was information about the volume of renovation of residential real estate in Spain. According to the National Association of Distributors of Ceramics and Building Materials (Andimac), by the end of 2022, the market can expect to repair and reconstruct over 1,750,000 homes, which is 55,000 more than in the previous year. In addition, the average budget for the repair of each property is projected to increase to €1,017 per square meter, which is 3.4% more than the budget in 2021.

For a market that is suffering from the pressure of demand and lacking in real estate supply, such data is encouraging. In general, taking into account these figures, it is expected that the turnover of the renovation market this year will amount to €19.8 billion, which is 690 million more than last year.

The renovation sector is actively developing and is in a good position, although this does not deprive it of some problems. Examples are labor shortages and high prices for building materials, as well as inflation. It is worth considering trends and forecasts for this market in detail.

Trends and forecasts of real estate renovation in 2022

The year was marked for the Spanish residential real estate market by an extremely pronounced increase in prices and interest rates, as well as Euribor and inflation indicators. And this directly affects the real estate renovation sector, as the savings of many households continue to decline. Nevertheless, the budgets that Spanish households invest in planned repairs are growing.

The latter is confirmed by a recent study "Houzz & Home 2022", according to which about a third of Spaniards (about 33%) plan to make general repairs and/or redevelopment of their homes this year. The most priority rooms, as in 2021, are bathrooms and kitchens.

Moreover, Andimac points out that today, the market depends on many factors that can affect the amount of repair work.

There is information about inflation, which accelerates economic growth, but we should also not forget about the macroeconomic context and the growing tensions in international relations, which go far beyond Europe. Today, the focus is on the Russian-Ukrainian conflict. However, there is unprecedented tension between China and the United States in the Pacific region.

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