Living, market data - Figures first quarter 2024 Spain

Access to housing continues to be one of the main challenges in the Spanish real estate market, with an effort rate of close to 38% at the end of last year (+1.7 p.p. year-on-year). However, we expect accessibility to gradually improve in the coming quarters as the Euribor stabilises and households regain purchasing power.

The Living sector recorded an investment volume of €392 million during the first quarter of the year, which represents 18% of the total in Spain, a drop of 40% in quarterly terms and three times less than the investment achieved in the same period of 2023. The rise in interest rates and the search for higher returns by investors have shifted part of the sector's activity and strategy in recent months to residential for sale (highlighting the luxury segment and location of Madrid). However, the results of the 2024 European Investor Intentions Survey predict a good year for the Living sector, and position Spain as one of the main destinations for investment.

The residential investment segment accounted for most of the quarterly investment in Living, accounting for 77% of the total through €303 million. The affordable segment, where the average return is above 4% net, is consolidated as the main focus of investors, accounting for more than two-thirds of the total transactions in Multifamily in the first quarter of the year.