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The housing market in Spain: 2014-2019

Author

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  • Dirección General de Economía y Estadística

    (Banco de España)

Abstract

This paper describes the main features of the Spanish housing market during the latest expansionary period (2014-2019), and discusses two aspects relating to its recent situation. First, it analyses the evidence of households’ possible housing affordability difficulties. It finds that these difficulties have been exacerbated in recent years, especially for specific groups such as the young and low-income households, and particularly in certain zones, such as the major metropolitan areas. Next, it reviews the ensuing consequences from the standpoint of economic efficiency and of social challenges, analysing potential public measures that might be considered to alleviate these difficulties. Finally, it assesses the potential systemic risks associated with the residential real estate market, concluding that these were, at end-2019, more limited than those prevalent in the run-up to the financial crisis that broke in 2008.

Suggested Citation

  • Dirección General de Economía y Estadística, 2020. "The housing market in Spain: 2014-2019," Occasional Papers 2013, Banco de España.
    • Handle: RePEc:bde:opaper:2013e
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/20/Files/do2013e.pdf
    File Function: First version, May 2020
    Download Restriction: no
    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/20/Fich/do2013.pdf
    File Function: Spanish version
    Download Restriction: no
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    More about this item

    Keywords

    housing market; mortgage market; housing affordability; systemic risks; public intervention;
    All these keywords.

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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