Trends in the real estate market in the first quarter of 2026

The new G-Trends is now available, Gloval’s quarterly report that gathers the keys regarding the macro environment, the analysis of real estate segments and delves into certain current issues in the sector. This edition also has a new, more visual and attractive design.

Here is an introduction to some of the topics that we will be covering in this new real estate trends report for the first quarter of 2026:

The trend in recent years in the market for property valuations and mortgage approvals has shown an upward trajectory from 2012 to 2014, with valuations serving as a leading indicator of mortgage approvals. Valuations fell sharply from the 2008 crisis to a low of around 204,000 mortgages; this was clearly due to the process of reviewing existing mortgages following the fall in property values and defaults on loan repayments (very high levels of arrears), which forced commercial banks to deleverage their balance sheets and reduce risk.

The construction sector can be said to be the foundation upon which the final product for the real estate industry is built, in all its facets, from development and renovation to sales and investment, etc. Without construction, there is no real estate product.

The data compiled by the Ministry of Transport and Sustainable Mobility (formerly the Ministry of Public Works) indicates a decline from the 2008 financial crisis until 2023 (latest available data) of 1.42% in the compound annual growth rate (CAGR). Analysing the trend in turnover figures for the construction sector, in 2008 building works accounted for 70% of the total, with the remainder comprising civil engineering works. This figure has been declining across all areas of activity. For example, new residential building accounted for 38% of total turnover in 2008 and has been losing ground, falling to 19% by 2023. The non-residential sector has followed a similar trend, falling from 21.1% to 19.4% by 2023, with civil engineering showing a similar pattern. The only activity to have increased its share of total construction turnover has been refurbishment, which has risen by 7.5 percentage points.

Project Monitoring has taken on a particularly important role in the current property market, which is characterised by growing uncertainty regarding costs and timelines. Factors such as rising raw material prices and labour shortages are placing significant strain on developments, leading to deviations that make more thorough monitoring and early risk detection essential.

In this environment, Project Monitoring has established itself as a key tool for anticipating issues, assessing their impact and proposing corrective measures to ensure the viability of projects. The ability to identify risks at an early stage and carry out continuous monitoring during execution is now more critical than ever.

You may also see our previous GTrends Reports and our latest GIX Reports, where we analyse the main real-estate economic indicators in Spain.