{"id":613089,"date":"2025-11-14T18:56:38","date_gmt":"2025-11-14T15:56:38","guid":{"rendered":"https:\/\/alegria-premium.com\/?p=613089"},"modified":"2025-11-17T19:52:17","modified_gmt":"2025-11-17T16:52:17","slug":"bubble-risk-in-spains-housing-market-is-virtually-non-existent","status":"publish","type":"post","link":"https:\/\/alegria-premium.com\/en\/articles\/bubble-risk-in-spains-housing-market-is-virtually-non-existent\/","title":{"rendered":"The risk of a \u201cbubble\u201d on the Spanish real estate market is almost completely absent"},"content":{"rendered":"

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Rising house prices and difficulties in accessing home purchases and rentals are causing some concern about the risk of a new \u201cbubble\u201d in the property market. However, this scenario has not only been rejected by the Bank of Spain, but also refuted by the Association of Appraisers, various real estate experts and economists.<\/p>\n

In their study, they state that Spain is not on the verge of a \u201cbubble\u201d similar to that of 2008, although they do note that in certain specific parts of the country there are indeed tense situations. The document points out that in the second quarter of 2025 house prices rose by just over 10% year-on-year, and mortgage costs associated with buying a home are already approaching the levels seen in 2006\u20132007.<\/p>\n

Despite the fact that growth rates exceed those of previous years and mortgage costs are rising, 66% of appraisal firms and 75% of external experts agree that this is driven by solvent demand, a more cautious buyer profile compared with the pre-2008 period, and far stricter financing conditions. At the same time, they acknowledge that price pressure is particularly evident on the coasts, where demand from foreign buyers is high.<\/p>\n

They also highlight speculative dynamics related to tourist rentals and investments aimed at generating returns. These situations show that the risk of a \u201cbubble\u201d may be regional and specific, but not nationwide.<\/p>\n

Pressure on the rental housing market<\/h2>\n

Another conclusion is that pressure on the rental market will persist in the short term. According to the portal Idealista, average rent in September stood at \u20ac14.5\/m\u00b2 per month (+10.9% year-on-year). In the last quarter, the overall market average fell by 1.3%, although several provincial capitals recorded all-time highs.<\/p>\n

The data show that rental growth has occurred in all autonomous communities, as well as in all provincial capitals, where prices are higher than a year ago. Among them, Madrid (11.2%), Seville (9.8%), Alicante (7.5%), Barcelona (6.9%) and Palma (6.2%) stand out, posting the highest figures in the historical series.<\/p>\n

All experts state that rents will continue to rise over the coming quarters. None of them expects a significant correction in the short term, although some foresee a certain slowdown in the current pace of growth. Overall, they forecast annual rent increases of 9\u201315% due to a shortage of supply and the shift in demand from buying to renting.<\/p>\n

The most frequently cited reasons explaining this situation include a structural shortage of supply, the shift of demand from purchases to rentals, and pressure from tourist rentals, which compete with primary residences. In addition, pressure on the rental market is no longer limited to major capitals; it is now spreading to medium-sized cities and areas where purchase demand cannot materialise due to a lack of access to financing.<\/p>\n

Factors supporting growth in sale prices<\/h2>\n

The study also confirms that there are a number of factors that will continue to put upward pressure on the prices of homes offered for sale. For example, investors, foreign buyers and private individuals with strong financial capacity are able to purchase property<\/a> without resorting to mortgage financing, which gives them a competitive advantage over young people or middle-income families.<\/p>\n

On the other hand, the increase in new construction projects is still insufficient to meet current demand. Only 23% of surveyed real estate professionals believe that it is possible to speak of a stable recovery in construction activity, while 77% consider such a view premature. The sector is suffering from high construction costs, which have risen by 40% since 2019, and a shortage of qualified labour.<\/p>\n

Another source of tension in the housing market is strong demand from foreigners in regions such as the Balearic and Canary Islands, the provinces of Alicante and Malaga, and the Autonomous Community of Madrid.<\/p>\n

Solutions to improve housing affordability<\/h2>\n

As for possible solutions that could help improve access to housing, practically all experts point out that the key lies in increasing the available supply through various mechanisms. In particular, this includes building new homes specifically intended for rent, bringing vacant housing back onto the market, strengthening legal certainty for landlords, and promoting public-private partnerships. Most experts reject blanket regulation, although some argue in favour of mixed measures \u2013 such as short-term regulations or restrictions on tourist rentals.<\/p>\n

Up to 92% of experts rule out credit as the critical factor for unlocking access to housing and instead highlight other structural elements \u2013 such as land, construction costs and the lack of public housing \u2013 which they regard as the cornerstone of housing policy.<\/p>\n

Most appraisers consider it necessary to strengthen public support through guarantees, subsidies or special mortgage products for young people. At the same time, experts call for the development of a specific credit policy to support both small and medium-sized developers and first-time homebuyers.<\/p>","protected":false},"excerpt":{"rendered":"

Rising house prices and difficulties in accessing home purchases and rentals are causing some concern about the risk of a…<\/p>\n","protected":false},"author":2,"featured_media":613090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,1],"tags":[],"class_list":["post-613089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-realestate","category-articles"],"yoast_head":"\nBubble Risk in Spain\u2019s Housing Market Is Virtually Non-Existent<\/title>\n<meta name=\"description\" content=\"Fundamentals show no overheating: moderate household leverage, conservative mortgage LTV\/DTI, limited new-build supply, demographic and migration inflows, and a resilient labor market. 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