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Keys in spanish1/3/2024 It is a safe and stable country with a rich cultural tradition. Spain is a popular international destination for visitors, investors, and those looking to relocate to the country. Rise in International Property Buyers in Spain According to the available data, prices increased 7.4% Y-o-Y in Q3 2021. Prices have been on an increasing track throughout 2021 because Y-o-Y rates bottomed out between Q4 2020 and Q1 2021 (depending on the price indicator). The general improvement in demand, along with developers' restricted ability to respond and as a result of a slower recovery in supply, is creating a general upward trend in housing prices, particularly in the new-build market. ![]() By October 2021, 468,000 transactions had been executed, an increase of 35.9% over 2020 and 8.3% over 2019. Home sales are also reviving remarkably quickly. Spain's real estate industry, particularly in terms of demand, has shown a fairly good trend in this period of economic recovery. Though the European Central Bank (ECB) has warned of "exuberance" in the housing market - a phrase chosen to replace "bubble", it appears to be referring to housing markets in other nations rather than Spain. In 2022, it is expected that housing will continue to become more expensive as a result of economic growth and inflation. In 2006, the number of new units soared to over 750,000. In 2021, there were roughly 100,000 home starts, similar to pre-pandemic levels but significantly below the levels seen at the turn of the century. In 2021, housing in Spain had become more expensive, contrary to what many experts expected a year ago. ![]() The autonomous city of Melilla was the only place in Spain where there was an increase in comparison to pre-pandemic data. With a decline of about 16% in the last quarter of 2020, La Rioja was the Spanish region where the pandemic's impact on real estate values was greater than the previous year. Spain's residential real estate market is poised to record a CAGR of more than 10% during the forecast period.įollowing the pandemic's catastrophic shock, the Spanish economy improved substantially throughout 2021.
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