In the last 12 months from June 2024 to June 2025. Net increase of 190,000 new homesaccording to data collected by the Bank of Spain.
At the same time, New housing production reaches approximately 100,000 completed units The system has now been rolled out to 140,000 households.
In other words, the net housing construction rate is almost twice the new housing construction rate.
According to the Continuing Household Statistics of INE and the Housing and Land Observatory, this phenomenon is further accentuated by the following factors: strong population growth, Immigration and changes in family structure.
These factors have resulted in an increase in the number of households in recent years, ranging from 175,000 to almost 300,000. With this increase, There are approximately 19.7 million housing units in our country.
However, new housing construction cannot keep up at the same pace. every 100 households Formed in 2024, construction has begun 70 houses. The numbers for 2023 and 2022 will be even lower.
In other words, the supply of real estate lags behind the demand for housing, which is one of the reasons for the worsening housing access problem and soaring prices.
this it’s not a new problem. The Bank of Spain calculates the difference between net household creation and new housing construction from 2021 to 2025 as follows: 700,000 units.
The estimates of the institution, chaired by José Luis Escriva, are in line with estimates made by other institutions and learning services.
For example, economists at CaixaBank Research estimate that a housing shortage of between 515,000 and 765,000 units has accumulated between 2021 and 2024. equivalent to 3% to 4% of primary housing stock.
price
Experts from the research organization point out that “the housing deficit that has accumulated in recent years has effectively become one of the determining factors explaining price pressure.”
And this price increase…Difficulty accessing housingEspecially in the areas with the highest demand. ”
house prices in spain In nominal terms, it has already surpassed the 2007 high. That is, the effects of inflation are not taken into account.
According to INE’s House Price Index (IPV), the price of free housing is 12.7% jump The second quarter of this year compared to the same period in 2024.
This is the largest year-over-year increase since the 13.1% rise in the first quarter of 2007, when the historic series began.
Prices of free housing will accumulate due to the increase in the second quarter, which is 0.5 points higher than that experienced in the first three months of this year Year-on-year increase for 45 consecutive quarters.
While we wait for INE to update its statistics, the Registrar’s Association calculates that the average price of a house rose by 2.13% in the third quarter of this year. Up to 2,303 euros per square meter.
New home prices rose by 0.7% to 2,412 euros. Existing homes increased by 2.7% to 2,275 units. In both cases it is about Highest price ever.
buy
This significant acceleration in prices is one of the factors that is starting to erode home buying and selling, according to an analysis conducted by BBVA Research.
Home sales increased by 6.3% compared to the previous year During the first seven months of the year. Although the number of occupancies remains high, research service experts observe that “the recent economic downturn is having an impact on both new and existing homes.”
The main culprits are a lack of supply and rising house prices, despite favorable factors such as improved employment, increased disposable income, and lower interest rates.
“Insufficient progress has been made to respond.” unmet demand This could accumulate to 625,000 households between 2021 and 2025,” the research service notes.
Why aren’t more built?
If there is a demand request itWhy aren’t more houses being built in Spain?
“Unless we can accelerate the land conversion process, legal certainty will increase; Labor shortage problem “Progress will be slow,” they explain in BBVA Research.
To make investing in this area more attractive, the same experts point out: Soil conversion deadline “That should be a priority.”
“It is desirable to improve regulations, influence the reduction of operating costs for companies, and improve productivity.”
Regulatory uncertainty It constitutes another factor that directly affects investments.
In the opinion of BBVA Research economists, “rent price controls, restrictions on large owners, and A failed attempt at land law reform “They have increased the risk perception in the market.”
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