Real Estate Reports

Real Estate Reports

Residential Market Barometer Num. 8


Analysis of the third quarter of 2022

House values are continuing on their upward path in the main municipalities of Madrid and Barcelona, as well as their areas of influence. However, it should be noted that the quarterly variations in the municipality of Madrid are negligible and in the municipality of Barcelona there are slight falls. This is not the case in their areas of influence, where values continue to rise.

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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.

Evolution of house prices in Madrid and its metropolitan area

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%.


Evolution of house prices in Barcelona and its metropolitan area

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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