Economic and Real-Estate Indicators Num. 15

Here is the 15th issue of our GIX Report where we share the reality of the Spanish economy and real-estate sector every month.

Based on the interim data of the Quarterly Accounts published by the Spanish Statistics Institute, macroeconomic data does not point to a healthy growth of Spanish production. GDP will be close to the figure expected by Gloval since mid 2021, i.e. 5%. This may seem like a substantial growth, but it fails to show stable recovery since the standstill caused by the pandemic. Consumption and investment show a similar trend to the GDP. By sectors, industry and services are positive, whereas construction and real-estate activity are still waiting for a change of sign.

Financial markets are expecting a shift in the ECB’s Monetary Policy with rate hikes if the price growth level remains the same, but these will not be significant, as they usually stick to 25bp hikes. 10-Year bonds, a benchmark for real-estate valuations, are giving signs of a very discreet rise in yields.

In the real-estate area, public procurement remains unstable, especially in Public Works. This area is vital for the development of economy as a whole, and its investment should be significant.

YoY growth of cement consumption does not seem to drop, according to the data from November 2021. Nothing related to new planning permissions and renovations shows any improvement, but then it is true that there is still a high level of uncertainty in international markets, in more expensive materials and import shortages.

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 February 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