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Only one in 10 houses currently bought in Spain is new, according to the Euroval appraiser with data on sales and purchases of notary homes in 2022. The number of transactions decreased by 5.6% year-on-year but their price continued to rise, up to 2%. However, if prices are compared to the time of the real estate bubble, they have skyrocketed by 36.1%, while transactions have sunk by up to 83.6%.
“The Spanish residential market continues to show a significant dual evolution, in which the average prices of new housing continue to rise, reaching even above the levels reached in the real estate boom, while those of used housing show a solid tendency towards stabilization, with minimal falls compared to the peaks of the boom. And all this in a context characterized by moderation in transactions and an insufficient supply of housing,” the appraiser Euroval has highlighted in its Inmocoyuntura 2023 report .
In this analysis of the last 15 years of new Phone Lead housing , which according to the appraiser is that which is less than five years old, until 2010 transactions fell by half, but prices remained the same, which only decreased between 2011 and 2014. From that year on, prices have risen in a market with a very small number of transactions, which remains until now.
“It should be considered that, together with a demand for new housing not met by supply, price increases, especially the most recent ones, may partly reflect a better quality of housing, due to the demands of buyers and availability. of the developers to offer this quality home. In this way, different types of homes would be compared, which would not necessarily reflect the price variation that is established for homogeneous products,” the appraiser highlights.
Fewer operations and increasingly higher prices. New home transactions in 2022 barely account for 15% of the volume reached in 2007. This is a general decline without exception in all autonomous regions, with variations of around -72% and -84% in the most notable markets. such as Andalusia, the Balearic Islands, Catalonia, the Valencian Community and Madrid.
On the contrary, average prices have increased significantly, despite the notable decrease in residential supply compared to 2007 figures. And the prices in 2022 are already more than 36% above the peak of the bubble , of 260,786 euros last year compared to 191,655 in 2007.
“This is a general trend throughout the country, but with the exceptions of Castilla-La Mancha (-21.5%), Extremadura (-11.1%) and the Basque Country (-10.8%), where Prices of new construction have fallen,” they say from Euroval.
In the large markets, the increase in new home prices between 2007 and 2022 has been uneven as seen in the Balearic Islands (116.6%), and below the average in Andalusia (34.7%), the Canary Islands ( 33.5%), Madrid (31.7%), Valencian Community (27.7%) and Catalonia (17.1%),
“In addition to a supply below real housing needs, the report points out two other reasons to explain the increase in housing prices in this period. On the one hand, the best quality of the residential product due to the greater demands of buyers . And on the other hand, the commitment of the developers to sustainability and their willingness to offer higher quality housing ,” they say from Euroval.
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发表于 2024-3-16 12:47:28