Economic and Real-Estate Indicators No. 21

Here is the 21th issue of our GIX Report where we share the reality of the Spanish economy and real-estate sector every month.

The recent publication of the Quarterly Accounts with the advance data for the second quarter of the financial year show a slowdown in year-on-year terms in the final consumption of households and public administration and investment in capital goods, being led this time by the investment in construction (Housing and Other Buildings). By sector, services, and within that the real-estate sector, saw a relaxation in their growth rates compared to the second quarter of 2021. The consumer and business confidence indicators remain short on optimism, undoubtedly influenced by the high inflation rates in almost all of their items but with the greatest impact coming from the energy component.

With regard to the real-estate market, despite the Monetary Authority’s increase in interest rates of 50 basis points, the impact on mortgages is yet to be felt and in May they reached their highest point for the year with 45,165 new mortgages granted. The number of sales fell somewhat compared to the previous month although as noted, these indicators have a lag in reflecting the new monetary policy measures implemented by the ECB.

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 August 2022 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