The growth of the real estate market in 2022 affected the Spanish labour market. According to the "Labour Market Survey (EPA)" for the fourth quarter of last year published by the National Institute of Statistics of Spain (INE), the employment rate in the real estate sector has reached its historic highs.
According to the latest EPA, the number of people employed in this sector was 173,500, which is 18,700 more than at the end of 2021. For the first time, the number of workers in this sector exceeded 170,000. Moreover, according to the INE, the Spanish real estate market created 278,900 jobs in 2022, which is 1.4% more year-on-year. This means that the market has received 6.7% of the new jobs in the Spanish economy over the past year.
This growth in the sector is primarily driven by the market recovery following the acute phase of the COVID-19 pandemic. Although this process began in 2021, only last year, the work bore fruit in record sales, rising prices and increased demand from foreign buyers and investors. The volume of real estate transactions has been at its peak since the late 00s.