2021-09-15-莱坊-Spain_New_Build_Residential_Snapshot_Q3_2021_September_2021_2页_755kb

Summary of Residential Market in Spain - Q3 2021

Core Content

This document provides an overview of the residential real estate market in Spain for the third quarter of 2021, highlighting trends in approvals, final works certificates, transactions, and prices. It also includes data on mortgage numbers, social security affiliates, and international buyer origins. Additionally, it outlines the research team and recent publications by Knight Frank Research, along with a disclaimer regarding the report's use and limitations.

Key Market Indicators

Approvals and Final Works Certificates

• Approvals: In Q1-Q2 2020/Q1-Q2 2021, approvals increased by +21% to 58,800.
• Final Works Certificates: The number of final works certificates rose by +22% to 45,500.
• Year-end projections:
  • Approvals are expected to reach 97,000, an increase of +13% compared to 2020.
  • Final works certificates are projected to reach 96,500, also an increase of +13% compared to 2020.

Transactions and Prices

• Transactions: The number of transactions reached 335,000 by August 2021, and it is expected to close the year at 470,000, slightly higher than 2019.
• Prices:
  • The average price of free housing in Q2 2021 was 1,650 €/sq m, with an annual increase of +2.4%.
  • New-build prices averaged 1,900 €/sq m.
  • Existing housing prices increased by +2.5%, showing the most significant growth among categories, especially after contraction during the pandemic.

Economic Context

• GDP Growth: Spain's GDP growth in Q2 2021 was close to 18% year-on-year, indicating a strong economic recovery.
• Social Security Affiliates: As of August 2021, the number of people affiliated with Social Security reached 19.2 million, a +3% increase compared to the same month in 2020.
• Mortgages: The number of mortgages increased to 240,000 in July 2021, with an estimated 390,000 by year-end, representing a +17% increase compared to 2020.

International Buyer Trends

• European Buyers: Europeans continue to be the largest group of international buyers, accounting for ~45% of the total.
• Top Countries: Germany and Romania are the most representative among European buyers.

Data Sources

• GDP Evolution: Source: INE (National Institute of Statistics)
• Social Security Affiliates: Source: Ministry of Employment
• Mortgage Numbers: Source: Knight Frank Research and INE
• Approvals and Final Works Certificates: Source: Knight Frank Research / Ministry of Public Works
• Transaction Data: Source: Spanish College of Property

Disclaimer

• This report is for general information only and should not be relied upon for decision-making.
• Knight Frank España, S.A.U. does not accept any responsibility or liability for losses or damages resulting from the use of this report.
• The report reflects the current market insights but is subject to uncertainty due to the ongoing impact of the pandemic.

Contact Information

Residential Market Head

• Carlos Zamora
  • Title: Partner, Head of Residential
  • Phone: +34 600 919 041
  • Email: Carlos.Zamora@es.knightfrank.com

Research Head

• Rosa Uriol
  • Title: Head of Research
  • Phone: +34 600 919 114
  • Email: RosaUriol@es.knightfrank.com

Recent Publications

• Global Buyer Survey 2021
• Global House Price Index - Q2 2021

Reports Availability

• Spanish: knightfrank.es/investigacion-de-mercados
• English: knightfrank.com/research

Knight Frank Research offers strategic advice, consultancy, and forecasting to a variety of clients, including developers, investors, and public institutions.