Trends in the real-estate market during the last quarter of 2021

No. 12 - January 2022

Highlights of the quarter: October to December 2021

Gloval publishes its latest issue of the Gtrends Report for the last quarter of 2021. Here are the highlights. You can download the full report from this link:

2021 ends on a hopeful and optimistic note for the Spanish economy and the real-estate sector in spite of the reappearance of new Covid variants and outbreaks, as it hasn’t yet been eradicated. Among the main lines marking the economic landscape and the different segments in the real-estate market, it is worth mentioning:

Macroeconomic environment

Previsiones de crecimiento del PIB del 7%, nuestras estimaciones apuntaban a rangos próximos al 5,5%. La demanda se resiente en confianza de los consumidores y en una subida continuada de los precios (IPC) y de los costes de materiales. La oferta, consecuencia de la situación sanitaria, se ve afectada en prácticamente todos los sectores productivos.


PIB Real y Valor Tasado Vivienda Libre.
Gráfico 1: PIB Real y Valor Tasado Vivienda Libre. (variación interanual, 2007 – avance III Trim. 2021).

Residential Segment

Esta área mantendrá la tendencia de crecimiento iniciada en 2021 con un aumento de promociones de obra nueva y salida al mercado de las promociones en curso iniciadas en 2021. El mercado del alquilar será un gran protagonista en cualquiera de sus afecciones, y tomará protagonismo la sostenibilidad en las viviendas.

Transacciones viviendas. España
Gráfico 2: Transacciones viviendas. España

Logistics/Industrial Segment

This segment seems to never peak. Despite all the properties under construction in the major markets, like Madrid and Barcelona, demand continues to be far higher than the current supply, given the lack of product suited to e-commerce and last-mile distribution. The interest in plots of land in Industrial Estates with obsolete product and plots under development will be the target in 2022.

Office Segment

Greater interest in well-located prime areas such as 22@, as shown by the yield compression, with 3.25% in Madrid and 3.5% in Barcelona overall.

Retail Segment

It remains appealing because of supermarkets, as proved by recent major transactions. Caution is still shown towards street-level premises and shopping centres, with greater interest in High Street premises and retail parks.

Hotel Segment

This segment is again experiencing a remarkable level of uncertainty with the spread of the Omicron variant, dragging down hotel profits in both cities and holiday destinations or the seaside. The outstanding level of professionals managing hotels in our country provides them with an exemplary resilience.

Gloval’s Vision

For this month’s GLOVAL’s Vision, we tackle an important topic which is the new Covered Bonds market under Spanish Royal Decree Law 24/2021. This Royal Decree, specifically Title II, Chapter 4, Articles 16 to 18, sets forth the valuation of assets under coverage, where Surveyors authorised by the Bank of Spain (i.e. GLOVAL), will be the firms assigned to conduct annual valuations.


You may also see our previous GTrends Reports and our latest GIX Report from January, where we analyse the main real-estate economic indicators in Spain.


Download the GTrends Report No. 12 here:

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