Spain Residential Real Estate Market Expected to Reach $149.9 Billion by 2027

According to a recent report published by Allied Market Research, titled, “Spain Residential Real Estate Market by Budget and Size: Opportunity Analysis and Industry Forecast, 2020–2027,” the Spain residential real estate market size accounted for $128.3 billion in 2018, and is expected to reach $149.9 billion by 2027, registering a CAGR of 8.0% from 2020 to 2027. In 2018, the less than $300,000 segment dominated the market, accounting for around 73.2% share of the global electric taps industry, followed by $300,001–$700,000 segment.

The Spain residential real estate market includes the revenue generated by buying and selling of residential property that consists of mini-flats, studio apartments, bungalows, and villas.

The Spain residential real estate market is mainly driven by rise in rents in major cities of Spain like Madrid and Barcelona where there are major job opportunities for the people. Therefore, investments in residential properties have given better returns in terms of economy. In addition, the market is driven by foreign investments, owing to favorable rules and regulations set by the government for foreign investors.

However, there was excess construction of residential properties, which led to surge in the demand and supply gap in the market. In addition, due to outbreak of COVID-19, lockdown was announced which hampered the construction activities as well as impacted the transactions occurring in the residential real estate market. On the contrary, post COVID-19 the builders, contractors, and real estate agencies have requested the government to waive or reduce the taxes charged on transactions of the real estate properties. Such strategy boosts the Spain residential real estate market during the forecast period.

The report analyzes the Spain residential real estate market by budget and size. On the basis of budget, the market is divided into less than $300,000, $300,001–$700,000, $700,001–$1,000,000, $1,000,001–$2,000,000, and more than $2,000,000. Depending on size, it is classified into less than 49 square meters, 50–80 square meters, 81–110 square meters, 111–200 square meters, and more than 200 square meters.

Key Findings Of The Study

• By budget, the less than $300,000 segment was the highest revenue contributor in 2018.
• By size, the more than 200 square meters segment generated the highest revenue in 2019.

The major players profiled in the electric taps market include ACS Group, FCC, GG Homes, GH Costa Blanca, Hamilton Leon, Housfy, Miralbo Urbana, Molina Toro SL, Sitara Master Builders, and Triton Levante.