Real estate prices increased by 4.2% in the third quarter of this year compared to the same period in 2020, according to National Institute of Statistics (INE). The Ministry of Transport, Mobility and Urban Agenda notes that the average cost per square meter is EUR 1,661, which is the highest since 2011.
The sale and purchase of real estate increased in September 2021 by 40.6% compared to September 2020, a total of 53,410 transactions were made. In the period from January to June of the same year, 103,116 cases of inheritance of real estate were registered, which is the highest figure since 2007, according to INE.
«It should be noted that the accelerated recovery of the real estate market in Spain is largely due to «COVID effect», which, along with the repeal of article 28 of the Mortgage Law, stimulated the sale of thousands of properties», Francisco Sierra, General Manager of Casavo in Spain explains.
In this context, Sierra emphasizes that the repeal of Article 28 of Mortgage Law allowed the sale of real estate that was «frozen». Before the repeal of the law, it was required to wait in cases where there were no direct heirs.
According to Ministry of Transport, Mobility and Urban Agenda, the price recovery is felt in both new and old real estate. Thus, housing, which is older than five years, cost EUR 1,653, and new properties under the age of five years reached EUR 1,938.9 euros per square meter.