Housing purchases and sales are recovering in the Basque Country and Navarra and are already approaching pre-2008 levels


However, according to the latest EITB DATA survey, both the number of new homes and the number of mortgages are not reaching pre-bubble levels despite recovering pre-pandemic data.

Euskaraz irakurri: Etxebizitzen salerosketa suspertzen by Euskadin and Nafarroan, 2008 aurreko mailatik gerturatuta

The sale of properties in Euskadi and Navarra has recovered and is now close to pre-crisis levels (94% and 86.5%), respectively, according to the latest EITB DATA study on the real estate market, published today by EITB in all its media.

The recovery is uneven, as it comes mainly from the sale of used homes, which already represent 8 out of 10 homes purchased.

The pandemic was a break in the uptrend that were included in the real estate market, and already in 2022, activities in Euskadi increased by 16.6% and in Navarra by 2.9%. In the State as a whole, the increase was 26.7%.

Among 2005 and 2007 saw the highest number of home saleswith an annual average of 24,459 operations in the Basque Country and, after a low in the 2012-2014 triennium at 13,248, the average number of operations between 2020 and 2021 was 22,983. The same effect was seen in Navarra, with 8,292 in 2005-2007, 4,087 in 2012-2014 and 7,176 in 2020-2021.

referring to new house, the data for the first quarter of 2022 confirms that it is again the . has achieved pre-pandemic levels, but it doesn’t even reach half the number of homes built in the 2005-2008 triennium in Euskadi and Navarre, as well as throughout the state.

The factor explaining this trend is the drive for home renovation, which has grown continuously since 2011. In 2020-2021, the Basque Country, Navarra and Spain even registered an annual average of respectively 985, 331 and 26,241 approved Rehabilitated homes such as new construction, extension or renovation


Euskadi, the community with the fewest homes

The CAV is the municipality with the lowest housing stock with 125 per 100,000 inhabitants (in 2020), less than a quarter of the registered stock in 2012 (546). The next municipality with the most limited housing stock is Balearic Islands of 631and the one with the largest stock is La Rioja with 2793 per 100,000 inhabitants.



The price of housing in the Basque Country, one of the highest

This situation is also reflected in house price developments; In fact, Euskadi remains one of the communities with the highest average price per square meter, with an average of 2,502 euros per square meter, compared to 1,510 in Navarra or an average of 1,734 in the rest of the state.



However, the CAV also leads the way in wealth generation, average wages, family savings and low unemployment rates. In addition to having a difficult orography for construction.

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Source: EITB


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