Residential Market Barometer Num. 8

Los datos del tercer trimestre de 2022, continúan arrojando subidas anuales en los valores unitarios de la vivienda tanto en los municipios principales de Madrid y Barcelona, como en sus respectivas áreas de influencia, si bien las variaciones trimestrales en el municipio de Madrid son inapreciables y en Barcelona apuntan a un leve descenso.

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In terms of macroeconomic variables, the figures are weakening slightly. Although the revision of GDP for the previous quarter is upwards by five tenths, the provisional GDP growth for this third quarter is lower than in the previous period, standing at 3.80%. The unemployment rate has risen slightly by almost two tenths to 12.67% nationally. The Bank of Spain’s forecasts continue to be more cautious and the May figures have been adjusted downwards.

The economic variables for the real estate market continue their upward trend, although the annual variations are moderating. The number of mortgages granted to households in new operations are up 14.00% YTD, compared to the previous 13.72%. The number of housing transactions also grew by 11% in the second quarter of 2022 compared to the same quarter of the previous year, although less strongly.

If we analyse the Madrid area in more detail, all municipalities continue to show a positive evolution in the unit value of housing. The municipalities with the largest increases compared to previous quarters are Alcobendas, Las Rozas de Madrid and Rivas-Vaciamadrid. The annual evolution of the average unit value in Madrid and its area of influence is the same, at +7.8%.

The municipality of Barcelona continues to show annual growth in its average unit values, with an increase of +4.3%. In terms of the municipalities in its area of influence, although most of them show increases, Sant Joan Despí and Cerdanyola del Valles have seen slight decreases, while the fall has been somewhat greater in Sant Adriá de Besós. Overall, the average increase in the metropolitan area is +2.6%.

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