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Date Published: 03/01/2022

ARCHIVED - House prices in Spain rose by 4.3 per cent on average in 2021

ARCHIVED ARTICLE

The Spanish housing market is set to shoot up a further 4% in 2022

<span style='color:#780948'>ARCHIVED</span> - House prices in Spain rose by 4.3 per cent on average in 2021

The average price of new and used housing is estimated to have closed 2021 with an increase of 4.3%, according to statistics from the valuation company Tinsa and approved by the Bank of Spain.

In addition to this significant increase, another increase of 4% is expected in 2022, according to forecasts by property experts in Spain from such real estate portals as idealista.

Caixabank forecasts, based on the most recent available data from January to November of last year, that 2021 is due to close with some 545,000 property purchases, a figure not seen in Spain since just before the financial crisis of 2008. Furthermore, the year-on-year increase in house prices in the fourth quarter of 2021 alone reached 8.6% compared to the same quarter of the previous year, showing a definite upward trend across the year.

Cristina Arias, director of the Tinsa Research Service, said, “The last quarter of 2021 saw an increase in residential market prices that consolidates the trend started in previous quarters and reflects an environment of growth in which demand is higher than supply and construction is beginning to reactivate cautiously, which could be indicative of an upward phase in the real estate cycle.”

Because of this, experts are advising that now is a good time to buy property in Spain, whether to live in or as an investment to be sold on in the future.

Why are property prices going up in Spain?

These increases in the cost of real estate in Spain are partly due to the lack of supply in areas where there is more demand, like Madrid and Barcelona, whereas the places where there are more empty properties are not in demand at all. The rise in raw materials will also have an impact on house prices in 2022, as will the global supply chain crisis.

As of this month, a new law comes into force which changes the way house prices are calculated in Spain, basing it on the real cadastral value rather than a speculative rise in price according to inflation, which at the end of 2021 saw its highest monthly rise in 30 years.

At the same time, mortgage rates are dropping in Spain, meaning that those who want to get a loan to help them buy property can get favourable interest rates.

Finally, the Covid pandemic has contributed to these changes in house prices and sales data, with people saving money on travel and leisure activities during the months of confinement and restrictions, meaning they have more disposable income to spend and an increased desire to purchase property with outdoor spaces like balconies and gardens.

House prices are actually falling in northern and inland Spain

Despite the general rise of 4.3%, there were in fact some moderate decreases in 11 Spanish provinces. For example, there was a slight drop in prices in Soria (-0.5%), León (-1%) and Cáceres (-2%), and more marked decreases in Ourense (-6.9% in 2021) and Palencia (-5.9%).

On the other hand, in the most populated areas, housing prices rose considerably. In Madrid capital city, for example, 5.8%, while the city of Barcelona saw price increases of 2.9%. In Bilbao, housing prices rose by a whopping 13.7%, in Valencia by 4.2% and in Seville by 6.2%.

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