The Bank of Spain warns of possible price rises
The Bank of Spain has warned of rising prices in the property market due to lack of properties and increases in building costs.
Although the Bank doesn’t see warning signs of property overvaluation or crisis in the real estate market now, it has warned that prices are rising and that they could rise further still due to increasing labour and supply costs.
Property sales have rebounded since the pandemic, up 14 percent during the first eight months of the year compared to the same period in 2019, but the bank did also warn that the Spanish property market may struggle to absorb the increase in demand due to the lack of properties and increased cost of construction.
The uptick in purchases in 2021 has led to a year-on-year price increase of 3.3 percent in the second quarter, in both new build and second-hand purchases, and changing property preferences in the post-pandemic world are also contributing to increasing demand, with many families emerging from the pandemic seeking single-family homes as opposed to living in apartment blocks
This time last year the GBP to Euro rate was 1.121 and this week its topped 1.191 meaning you are getting much more euros for your pound, 100,000€ in November 2020 was around £89206 this week it’s around £83963. Anyone holding back to wait and see may not benefit from waiting to buy if prices continue to rise and if the euro rate falls again
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Blog : The Bank of Spain warns of possible price rises
