2023-05-17-莱坊-Spain_New_Build_Residential_Snapshot_Q1_2023_2页_636kb

Residential Market Summary: Q1 2023

Core Content

This document provides a snapshot of the residential market in Spain for Q1 2023, highlighting key trends and statistics based on data from the INE (National Institute of Statistics) and the Ministry of Public Works. The report is compiled quarterly by experts at Knight Frank Spain, offering insights into the performance of the housing sector in relation to economic indicators such as GDP and CPI.

Key Statistics

Home Sales

• 2022 Home Sales: Achieved the highest number in the historical series, with approximately 693,000 residential sales.
• Annual Growth: A 6% increase compared to 2021.
• International Buyers:
  • Europeans: Account for nearly 45% of buyers.
  • Germans: Make up 9% of European buyers.
  • British Buyers: Represent 11% of international buyers.

Mortgage Signings

• Total Mortgages Signed by End of 2022: Close to 464,000.
• Annual Growth: Over 10% increase compared to the previous year.

Approvals and Final Works Certificates

• Approvals (2022): Around 110,000 units, showing a +1% increase compared to 2021.
• Final Works Certificates (2022): Nearly 88,000, a -3% decrease from 2021, due to their link with approvals from two years prior, which were affected by the pandemic.

Price Trends

• Average Price of Free Housing (End of 2022): Approximately 1,750 €/sq m, a 3.3% annual increase.
• New Build Homes: Average price of 2,080 €/sq m, with a 5.3% annual growth.
• Existing Housing: Average price of 1,740 €/sq m, a 3.2% annual increase.
• Regional Price Growth (Q4 2022):
  • Ceuta and Melilla
  • Navarre
  • The Balearic Islands
  • Andalusia
  • Madrid
  • All showed an annual price growth of 5%–6%.

Economic Context

• GDP Growth (Q1 2023): Annual growth of 3.8%, with a 0.9% increase compared to the previous quarter.
• CPI Growth (Q1 2023): Annual variation of 4.1%, an 0.8% increase from March.

Visual Data

The document includes several charts and graphs:

• GDP Evolution: Illustrates the annual GDP growth from 2006 to 2022.
• CPI Evolution: Shows the annual Consumer Price Index variation from 2006 to 2022.
• Number of Mortgages (2015–2022): Highlights the trend in mortgage signings over the years.
• Approvals and Final Works Certificates (2006–2022): Displays the evolution of housing approvals and final works certificates.
• New Build and Existing House Prices (2015–Q4 2022): Compares price trends between new build and existing housing.
• New Build Price Variation by Region (Q4 2022 vs Q4 2021): Shows regional price changes for new build homes.

Contact Information

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

• Rosa Uriol – Head of Research
  Email: rosa.uriol@es.knightfrank.com
  Phone: +34 600 919 114

Summary

The Spanish residential market showed resilience in 2022, with record home sales and a steady rise in mortgage signings. While the number of approvals remained stable, final works certificates declined slightly, likely influenced by pandemic-related delays. Prices for both new build and existing housing increased, with new build homes seeing a slightly higher growth rate. Regional disparities were notable, with certain areas experiencing more significant price increases. The economic context, marked by strong GDP growth and rising inflation, further supports the positive trend in the housing sector.