It became clear that the real estate market recovered noticeably from the COVID-19 pandemic in the end of 2021. The market and real estate prices in particular got better and strengthened.
According to experts, prices continue to grow at least until the end of 2023. The real estate portal Yaencontre.com approached real estate agencies analytics, consultants and appraisers. Specialists expect moderate growth in general, involving an increase in real estate prices by 6% on average.
Prices for apartments/flats in new buildings are expected to grow more than for properties in the secondary market. Areas valuable for tourist and economic sectors are in the best position.
How expensive will housing be?
Specialists expect the increase between 2% and 6%. This is a moderate growth forecast.
Juan Manuel Pardo, the Housing Director in JLL, the global commercial real estate services company, expects "selling prices to recover. A small increase across Spain can be around 2% on average."
Ernesto Ferrer-Bonsoms, the Director of Real Estate Department in Intrum Spain - Credit Management Services company, and the Commercial Director in Solvia - the Real Estate company, goes a little further. He believes that the price will increase by 3-4%. He also notes that it is necessary to continue to analyze the inflation rate and the interest rates on loan, as well as their impact on the real estate market and the financial sector. It should be done especially after the end of the moratoriums in the second half of 2022.
Experts associate the highest growth of inflation recorded in 29 years with the aspects for the upcoming price increase.
But there are some positive forecasts. For example, Sandra Daza, the Managing Director of Gesvalt - the company specializes in asset advisory and valuation, is convinced that growth can be around 4-5% and under certain conditions it may reach 7%.
The last is possible if the growth in construction costs stabilizes.
Antonio de la Fuente, the Director General of corporate finances and property management at Colliers - the real estate brokerage, professional services and investment management company for landlords, tenants, and investors, says that, first of all prices, will follow the rising inflation. But Fuente reminds that the real estate selling price depends on what the buyer wants to pay for, or rather on what the buyer can pay for.
“Everything will depend on the perfect balance between current savings and available financing that we have currently,” says Luis Corrala, the Director General of Foro Consultores Inmobiliarios - the company specializes in residential real estate marketing. He adds that prices can rise by about 5% in his opinion.
