Here is the 47th issue of our GIX Report where we share the reality of the Spanish economy and real-estate sector every month.

The GDP data for the second quarter of the year surprised once again with a year-on-year rate of 3.1%, compared to 2.9% in the previous figure. This increase was supported by exports (tourism) on the demand side. On the production side, industry reflected a year-on-year increase in the second quarter of 4.0%, while construction declined 0.9 p.p. and services remained virtually unchanged. Within this, real estate activity was up 0.6 p.p. from the previous quarter.

Inflation seems to be easing back to levels close to 2% and employment continues to give no joy to the economy. Surprisingly, the synthetic consumer confidence indicator is increasing every month, while the purchasing managers’ leading indicator for the services sector remains at levels close to 55 or in the neutral zone.

Financial markets (IBEX-35) are at highs while interest rate cuts are reflected in the Euribor and the 10-year bond yield.

Construction and real estate activity maintains the same trend of previous months with low volumes of approvals, housing starts and completions, and the effort to acquire a home remains at 7.1 years, according to the Bank of Spain.

The +50 real-estate economic indicators analysed include:

• GDP
• Consumer Spending
• Capital Investment
• Exports
• Imports
• Industry
• Investment in Construction
• Investment in Housing
• Investment in Other Buildings and Constructions
• Other

• Unemployment in Construction
• Housing Stock
• New Build Stock
• Appraised Value of Unsubsidised Housing (€/m2)
• Land Sales
• House Sales
• Yearly Theoretical Effort for Housing Affordability (years)
• Houses Started
• Gross Return on Public Procurement Rentals
• Other

Download below the Gix Report for October 2024 and find out the details and trends in economic data and the building and real-estate sector. You can also see the previous GIX Reports