Before the outbreak of the Covid-19 pandemic, the outlook for the Spanish residential market in 2020 was positive. In this way, during the first quarter of 2020, house prices and sales continued to recover, while the construction of new developments continued to grow. However, the arrival of the coronavirus in Spain put a stop to all of that and brought substantial changes across the residential market. Some municipalities were hit particularly hard.
In the week prior to the start of the state of emergency, the average house price published in Spain stood at €1,760 / m2, according to data from the real estate big data platform Brains RE. During the lockdown, prices dipped to €1,731/m2 in the last week of April. However, prices have been recovering since then, to reach an average of €1,769 / m2 in the last week of August, even exceeding their pre-Covid levels, and representing an increase of 0.5%.
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