It chains seven consecutive years with price increases that -according to the usual market cycle- should end in 2023. However, it will not happen with the . Prices could continue to rise beyond that date due to the lack of stock -especially in Madrid and Barcelona-, a faster demand than the supply, the increase in construction costs and the shortage of qualified labor.
“We have appreciated a change in trend. It seemed that the cycle was ending, but the last semester of 2021 has surprised us by the strength with which the price of new housing is growing, up to 3%. One of the factors that Influencing this behavior is the demand for the product, since it provides many advantages in terms of the possibility of larger spaces or energy efficiency. To this we must add that there is an insufficient supply or the lack of labor”, explains Juan Fernández -Aceytuno CEO of the Appraisal Society.
As for the , from the real estate appraiser they believe that the cycle is more “exhausted”, although they do not rule out that it will expand encouraged by the Next Generation EU Funds, which will serve as a boost for this segment. “The aid will go directly to revitalizing the multi-family housing market with poor quality energy certification. Opportunities may arise for buyers who want to invest and rehabilitate with the help of the funds and then put the house in, “says Aceytuno.
For the moment, the latest x-ray prepared by the Appraisal Society reveals that the price of housing rose 3% during 2021, standing at 2,551 euros per square meter. In addition, during the second half of the year, the value of housing increased by 2.8%, encouraged above all by the growth in the prices of new housing throughout the national territory. “It is a sustained, prudent and sensible growth,” says Aceytuno.
The experts’ analysis speaks of an “asynchrony” in the rise in prices of new housing and used housing. In the first case, it rises without the need for a significant increase in the volume of sales, a fact that can be seen in the global housing market, where the volume of sales of used homes is much higher. “This fact may be due to a limited existence of new housing supply that causes practically everything that is built with sense to be sold quickly,” they explain from the Appraisal Society.
During the first ten months of 2021, new build transactions rose 39% year-on-year, compared to second-hand housing, which grew 35%.
Regarding the impact of the property market, the appraiser assures that it can influence the purchase and/or investment intention. “Its upward evolution in 2022 could, in turn, spur a rise in interest rates and, at the same time, neutralize the position of real estate as a refuge value compared to other investment alternatives,” they say from the appraiser.
Young
The access of young people to housing remains the great challenge of the sector, according to the Appraisal Society. The economic crisis derived from the pandemic has also had an impact on the youth segment, causing an increase in job instability, increasing uncertainty and making it difficult for them to access their first home, due to the lack of savings and low wages.
Faced with this problem, they believe that it is necessary to implement active supply policies and responsible financing, which can be translated into initiatives that facilitate access to housing, such as help to buy.
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