Market Size of Spain Condominiums and Apartments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.40 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spain Condominiums & Apartments Market Analysis
The Spanish Condominiums and Apartments Market is poised to register a CAGR of 5.4% during the forecast period.
- The residential real estate market came to a halt due to the COVID-19 pandemic, as the government implemented lockdowns and citizens were forced to stay at home. Because of rising returns, Spain again appeared as a potential investment destination after slowing down due to the COVID-19 outbreak.
- According to the Bank of Spain, Spanish home prices increased by 2.59% (-0.78% inflation-adjusted) to EUR 1,662 per sq. m (USD 1,775) during Q3 2021, marking the country's strongest performance in two years. In Q3 2021, house prices rose somewhat on a quarterly basis by 0.75% (or 0.45% when adjusted for inflation).
- In terms of autonomous areas, Canarias experienced the highest year-over-year price growth, at 6.95%, followed closely by Cantabria, the Balears, Melilla, Murcia, Andalusia, Galicia, and La Rioja.
- Spain has one of the lowest rent rates in all of Europe, with only 23% of households renting their houses. Greater provinces have greater rent rates. The ratio of renters is 26% in Barcelona and 24% in Madrid, the two largest cities. This percentage is less than 15% in more rural or smaller urban regions.
- According to Eurostat, Spain has one of the largest proportions of flat dwellers in the continent. With the exception of Latvia, the highest proportion of people in the EU live in flats-nearly two-thirds of the population. The percentage is around half in Italy and a little over a third in France. In the UK, only 15% of people live in apartments. According to Fernando Encinar of the Spanish real estate website Idealista, 65% of properties for sale in Spain are apartments, as opposed to only 25% on the UK website Rightmove.
