House prices in Spain have surged by 34% over the past decade, outpacing the 24% increase in average salaries, according to a report from real estate portal pisos.com. This steep rise has eroded the purchasing power of a significant portion of the population.
Data from the report reveals that in March 2014, the average price per square meter of housing nationally was 1,658 euros. By March of this year, that figure had skyrocketed to 2,231 euros, marking a 34.56% increase.
Ferran Font, director of research at pisos.com, highlights the consistent upward trajectory of house prices across the country over the past ten years.
Meanwhile, Andalucía has solidified its position as Europe’s top destination for holiday rentals. With over seven million overnight stays in vacation homes during the first half of 2022, the region leads the rankings, with Spain as a whole claiming the number one spot.
The Andalusian Tourist Housing Association (AVVA-Pro) underscores the parallel growth of the holiday rental sector with increasing tourist demand. They predict that the global holiday rental market will reach 300 billion euros by 2031, with an annual growth rate of 12.4%.
In 2022, Andalucía welcomed nearly 4.5 million visitors to its apartments and holiday homes, generating over 4.2 billion euros in revenue. National tourists constituted the majority, closely followed by international visitors. AVVA-Pro also notes that Andalucía contributes nearly 20% of Spain’s total revenue from holiday accommodations, totalling more than 20 billion euros.