Economic and Real-Estate Indicators Num. 51

Here is the 51th issue of our GIX Report where we share the reality of the Spanish economy and real-estate sector every month.

The data recently published by the INE (National Statistics Institute) for the fourth quarter reflect the stability and growth of the Spanish economy, with a year-on-year GDP growth rate of 3.5% in real terms, adjusted for seasonal variations and calendar effects. Private consumption, the driving force behind this result, has been growing since the beginning of 2024, but the protagonist in expenditure has been Public Spending with increases of 4.9% in the fourth quarter. On the construction investment side, housing remains at a very low rate, while commercial real estate has also experienced notable increases since the beginning of the year with a fourth quarter of 5.4%. In the foreign sector, exports, which had been outpacing imports in the fourth quarter, have changed, with imports outpacing imports.

Inflation is resisting and for Spain it is not expected to go below 2%, core inflation is becoming more structural and the lowering of interest rates in Spain may prove to be a resistance to price control. The euro has depreciated recently (3 February) against the dollar, due to issues such as the tariff policy announced by Trump, which will hinder exports from geographical areas such as Europe and of course Spain. The Euribor has risen compared to December, despite the ECB’s lowering of benchmark rates; there are several reasons for this, such as the risk assumed when lending to other banks, uncertainty in monetary policy, current liquidity, etc.

Translated with DeepL.com (free version)

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 2025 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