Housing prices in Spain are set to rise by just 0.1% year-on-year in 2021, followed by a 2.8% increase in 2022, according to Acuña’s latest Statistical Yearbook of the Spanish Real Estate Market.
“The price forecast is still subject to high levels of uncertainty given the … effects of the coronavirus crisis in the medium term, but the truth is that its … resilience has been surprising, particularly that of new housing prices,” Acuña points out.
Specifically, the new housing prices will rebound by 0.2% in 2021 and 2.9% next year. “In the new-build market, prices remained more resilient due to factors such as the relative shortage of supply, which does not seem likely to last over time, and the new preferences of buyers for more peripheral locations and larger homes,” they explained.
On the other hand, Acuña forecasts a 5% recovery in housing demand in 2021, around 450,000 units. That figure, however, is still below pre-pandemic levels.