And in the past twelve months, between June 2024 and June 2025, it has been there Net construction of 190,000 new homesThis is according to data collected by the Central Bank of Spain.
In the same period, Production of new housing reached approximately 100,000 completed units Work began in 140,000 homes.
This means that the rate of net housing construction is almost double the rate of new housing construction.
According to the ongoing household statistics of the National Institute of Statistics and the Housing and Land Observatory, this phenomenon is exacerbated by… strong population growth, Migration and changes in family composition.
These factors cause the number of families to grow in recent years to range between 175,000 and about 300,000. This increase has caused there to be About 19.7 million homes in our country.
But new home construction cannot keep up at the same pace. For every 100 families Which was formed in 2024, construction began 70 houses. The numbers for 2023 and 2022 are lower.
That is, real estate supply lags behind residential demand, which contributes to the exacerbation of the problem of obtaining housing and contributes to rising prices.
this It’s not a new problem. Bank of Spain calculations indicate that the difference between net household creation and new housing between 2021 and 2025 amounts to… 700,000 units.
The appreciation of the institution headed by José Luis Escrivá is in line with those given by other institutions or study services.
For example, economists at CaixaBank Research calculate that between 2021 and 2024 a deficit of between 515 thousand and 765 thousand homes will accumulate. Equivalent Between 3% and 4% of primary residences.
Prices
Experts from the research service point out that “the accumulated housing deficit in recent years is actually one of the determining factors explaining the pressures on prices.”
This rise in pricesIt makes access to housing difficultEspecially in areas with the greatest demand.”
Housing prices in Spain Already exceeding its 2007 highs in nominal terms, That is, without taking into account the effects of inflation.
According to the Housing Price Index (IPV) issued by INE, the price of free housing rose 12.7% In the second quarter of the year compared to the same period in 2024.
This is the largest year-on-year increase since the beginning of the historic series, in the first quarter of 2007, when it rose by 13.1%.
With the increase in the second quarter, half a point higher than seen in the first three months of the year, the price of free housing adds up 45 consecutive quarters of annual increases.
Pending the National Institute of Statistics to update its statistics, estimates by the College of Registrars indicate that the average housing price rose by 2.13% in the third quarter of the year. Up to 2303 euros per square metre.
New housing prices rose by 0.7% to 2,412 euros. The number of used homes increased by 2.7% to 2,275. Either way it comes down to it All-time highs.
He buys
According to analysis by BBVA Research, this strong acceleration in prices is one of the factors that has begun to erode home buying and selling.
Home sales rose 6.3% year over year In the first seven months of the year. Although the number of operations is still high, experts from the study service note “a recent slowdown, affecting both new and used homes.”
The main reasons are a lack of supply and high housing prices, despite favorable factors such as improved employment opportunities, increased disposable income and lower interest rates.
“Insufficient progress to respond to it Unmet demand Which could accumulate between 2021 and 2025 from 625,000 homes,” the study service indicates.
Why aren’t more built?
If the request It requires itWhy aren’t more houses built in Spain?
“As long as the land conversion process cannot be accelerated, legal certainty increases The problem of lack of labor They explained in the BBVA research that progress will be slow.
To make investment in the sector more attractive, the same experts point out that “acceleration Soil transformation deadlines “It should be a priority.”
Furthermore, “it would be desirable to improve organisation, impacting the reduction of companies’ operating costs and improving productivity.”
Regulatory uncertainty It is another element that directly affects investment.
In the opinion of economists at BBVA Research, “recent measures related to controlling rental prices, restrictions on large landlords and… Failed attempt to reform land law “They have increased risk perception in the market.”
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