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

Num. 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

GDP forecasts of 7%, whereas our estimates pointed to lower figures in the range of 5.5%. The demand was weakened by consumer confidence and the ever-rising consumer price index (CPI) and more expensive materials. Supply was affected in most production sectors due to the health crisis.


PIB Real y Valor Tasado Vivienda Libre.
Img 1: Real GDP and Appraised Value of Free Housing (year-on-year variation, 2007 – advance III Quarter 2021).

Residential segment

This area will continue the growth trend started in 2021. There will be an increase in new property developments and those already begun in 2021 will be put on the market. All types of rentals will be in the limelight, and housing sustainability will also gain relevance.

Transacciones viviendas. España
Graph 2: Housing transactions. Spain

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.



Download the GTrends Report Num. 12 here:

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