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The Decrease in House Prices Will Be Lower than in 2008, According to BBVA

Lower prices and a smaller supply to start with make the market much more favourable to handling price decreases than it was in 2008, says the bank.

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New build development in Lérida.

This crisis will not be as long or as deep. That is according to analysis carried out by BBVA Research in its Real Estate Situation report about the effect that the crisis generated by Covid-19 will have on real estate in Spain.

According to the bank, the Spanish real estate market will face this post-Covid-19 crisis from a better place than it was in 2008. And there are several reasons for this: “To begin with, it is worth highlighting that the starting prices are very different. In 2008, the price per square metre was around €2,100 on average across Spain, whereas today it is €1,650. Therefore, today, less effort is required to acquire a home”, explains the report.

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