{"id":986274,"date":"2025-11-14T16:10:29","date_gmt":"2025-11-14T13:10:29","guid":{"rendered":"https:\/\/alegria-realestate.com\/?p=986274"},"modified":"2025-11-17T23:28:21","modified_gmt":"2025-11-17T20:28:21","slug":"banco-de-espana-2025-spanish-real-estate-outlook-investors","status":"publish","type":"post","link":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors","title":{"rendered":"Is a New Housing Bubble Brewing in Spain? Banco de Espa\u00f1a Thinks Not"},"content":{"rendered":"<p><\/p>\n<ul>\n<li><a href=\"#macro-espana-2025\">Spain\u2019s macro environment in 2025: what Banco de Espa\u00f1a tells investors<\/a><\/li>\n<li><a href=\"#real-estate-market-2025\">Spain\u2019s real estate market 2025 according to Banco de Espa\u00f1a<\/a><\/li>\n<li><a href=\"#investment-strategy-bde\">How to use Banco de Espa\u00f1a\u2019s findings in your investment strategy<\/a><\/li>\n<li><a href=\"#mortgage-2025\">Mortgages and leverage in 2025<\/a><\/li>\n<li><a href=\"#selection-and-risk\">How to choose an asset and manage risk<\/a><\/li>\n<li><a href=\"#risks-bde\">Key risks and how to protect yourself<\/a><\/li>\n<li><a href=\"#howto-plan\">Step-by-step plan for investors: how to act in 2025<\/a><\/li>\n<li><a href=\"#faq\">FAQ for investors and relocants<\/a><\/li>\n<\/ul>\n<h2 id=\"macro-espana-2025\">Spain\u2019s macro environment in 2025: what Banco de Espa\u00f1a tells investors<\/h2>\n<h3>Households and businesses: income, debt, credit<\/h3>\n<p>In its Autumn 2025 Financial Stability Report (Informe de Estabilidad Financiera, IEF), Banco de Espa\u00f1a paints a generally positive picture for households and businesses:<\/p>\n<ul>\n<li><strong>Household incomes<\/strong> and <strong>corporate profits<\/strong> are growing, although slightly more slowly than in 2024.<\/li>\n<li><strong>Household and corporate debt burdens<\/strong> are at historically low levels, and debt-service costs have fallen thanks to lower ECB policy rates.<\/li>\n<li>Banco de Espa\u00f1a expects that both <strong>debt levels and debt-service ratios<\/strong> will remain within moderate ranges in the coming years \u2013 this creates a buffer for new mortgages and investment in housing.<\/li>\n<\/ul>\n<p>For investors this means that <strong>Spanish tenants and buyers are, on average, financially resilient, which reduces rental default risk and supports housing demand.<\/strong><\/p>\n<h3>Public debt and fiscal risks<\/h3>\n<p>The main vulnerability highlighted by the central bank is the <strong>level of public debt<\/strong>. The budget deficit is declining and is approaching around 2.5% of GDP by 2025, but in projections through 2027 public debt remains close to 100% of GDP \u2013 above the euro area average.<\/p>\n<p><strong>Why this matters for investors:<\/strong><\/p>\n<ul>\n<li>high public debt makes the economy more sensitive to increases in bond yields;<\/li>\n<li>if market sentiment deteriorates, funding costs may rise, which quickly feeds through into mortgage rates and construction activity;<\/li>\n<li>tighter fiscal consolidation can be accompanied by tax changes (including in real estate and rental taxation).<\/li>\n<\/ul>\n<p>For now this is a <strong>background risk<\/strong>, not a direct crisis trigger, but it should be included in scenario analysis.<\/p>\n<h3>Banking sector: resilience and access to funding<\/h3>\n<p>Banco de Espa\u00f1a <strong>assesses the banking system as robust<\/strong>:<\/p>\n<ul>\n<li><strong>Banks\u2019 ROE<\/strong> in H1 2025 is around 14.6%; return on assets is also elevated.<\/li>\n<li><strong>CET1 capital ratio<\/strong> stands at 13.8%, well above regulatory minima; stress tests show resilience even under adverse scenarios.<\/li>\n<li><strong>Credit to households and corporates<\/strong> is growing again: +3.1% in mortgage lending to households and +2.1% in corporate lending over the 12 months to June 2025.<\/li>\n<li><strong>Non-performing loan (NPL) ratios<\/strong> keep declining and are now around 2.9% \u2013 far from levels seen in the previous crisis.<\/li>\n<\/ul>\n<p>The takeaway: <strong>Spanish banks are actively lending and hold solid capital buffers<\/strong>. For investors and relocants this means that <a href=\"https:\/\/alegria-realestate.com\/en\/service\/mortgage-in-spain\">getting a mortgage in 2025\u20132026<\/a> is generally feasible for borrowers with a sound profile.<\/p>\n<h2 id=\"real-estate-market-2025\">Spain\u2019s real estate market 2025 according to Banco de Espa\u00f1a<\/h2>\n<h3>Prices and transaction volumes: above 2007, but no bubble<\/h3>\n<p>Banco de Espa\u00f1a and the INE record strong housing price growth:<\/p>\n<ul>\n<li>in Q2 2025, the <strong>INE House Price Index<\/strong> shows year-on-year growth of about 12.7% \u2013 the highest in 18 years, since 2007; the secondary market is rising especially fast;<\/li>\n<li>in real terms (adjusted for inflation), prices in mid-2025 correspond roughly to 2005 levels and are still about 17\u201318% below the 2007 peak;<\/li>\n<li>since early 2024 price growth has outpaced household income growth \u2013 housing is becoming relatively less affordable, especially in major cities.<\/li>\n<\/ul>\n<p>At the same time, Banco de Espa\u00f1a\u2019s reports stress that the market <strong>does not currently show signs of a systemic bubble<\/strong>: construction volumes are moderate, real-estate credit growth is \u201chealthy\u201d, and mortgage underwriting standards remain tight.<\/p>\n<p>As for transactions:<\/p>\n<ul>\n<li>in H1 2025 around <strong>375,000 housing transactions<\/strong> were completed, roughly 90% of them in the secondary market;<\/li>\n<li>according to INE and the Ministry of Housing, growth rates eased in the summer months, but volumes remain very high by historical standards.<\/li>\n<\/ul>\n<h3>New builds vs. resale market<\/h3>\n<p>Market structure according to Banco de Espa\u00f1a:<\/p>\n<ul>\n<li>around <strong>90% of transactions<\/strong> in H1 2025 were purchases of <strong>resale homes<\/strong>;<\/li>\n<li>new construction completions remain historically low, and the construction sector\u2019s share of GDP is far below the boom years of the 2000s.<\/li>\n<\/ul>\n<p>This sends several signals for investors:<\/p>\n<ol>\n<li>A shortage of new builds supports prices for quality resale stock in prime locations.<\/li>\n<li>Primary-market projects \u2013 especially from reliable developers \u2013 have additional upside potential as neighbourhoods are completed.<\/li>\n<li>The risk of an overbuilding cycle like in 2007\u20132008 is much lower today \u2013 the construction sector is not overheated.<\/li>\n<\/ol>\n<blockquote><p>If you are considering new developments on the Costa Blanca, explore Alegria\u2019s projects and investor terms in the section<br \/>\n<a href=\"https:\/\/alegria-realestate.com\/en\/service\/investing-in-property-in-spain\" target=\"_blank\" rel=\"noopener\">\u201cInvesting in Spanish Real Estate \u2013 Services for Investors\u201d<\/a>.<\/p><\/blockquote>\n<h3>Geography of price and demand growth<\/h3>\n<p>A separate section of the report (Recuadro 4.1) is devoted to the <strong>geographical heterogeneity of housing price growth<\/strong> over 2022\u20132025.<\/p>\n<p><strong>Key conclusions from Banco de Espa\u00f1a:<\/strong><\/p>\n<ul>\n<li>Higher price growth is recorded in <strong>provinces that already have high price levels<\/strong> \u2013 primarily large metropolitan areas and coastal\/tourist regions.<\/li>\n<li>In provinces with moderate or low prices, growth is much more subdued \u2013 in many cases, nearly flat.<\/li>\n<li>At the level of LTV and debt-service (LSTI) indicators for mortgages, the geographic distribution is relatively stable \u2013 riskier loans are not concentrated in a few \u201chot spots\u201d but spread fairly evenly.<\/li>\n<\/ul>\n<p>For investors this means that <strong>the market is increasingly \u201cspot-driven\u201d<\/strong>. It is no longer enough to simply \u201cbuy in Spain\u201d \u2013 you need to enter locations with structural demand drivers: population growth, tourism, and the creation of quality jobs.<\/p>\n<blockquote><p>Examples of regional analyses worth using as benchmarks:<\/p>\n<ul>\n<li><a href=\"https:\/\/alegria-realestate.com\/en\/articles\/asturias-real-estate-market-trends-2025\" target=\"_blank\" rel=\"noopener\">Real Estate Market Trends in Asturias: Is It Worth Buying in 2025?<\/a><\/li>\n<\/ul>\n<\/blockquote>\n<h2 id=\"investment-strategy-bde\">How to use Banco de Espa\u00f1a\u2019s findings in your investment strategy<\/h2>\n<h3>Long-term rentals (residential buy-to-let)<\/h3>\n<p>Given steady household incomes and limited new supply, the classic strategy <strong>\u201cbuy and hold for long-term rent\u201d<\/strong> remains one of the core options.<\/p>\n<p>Key points in light of Banco de Espa\u00f1a\u2019s report:<\/p>\n<ul>\n<li>focus on <strong>locations with stable employment<\/strong> and population growth \u2013 commuter belts of large cities, coastal regions with year-round economies;<\/li>\n<li>rely on official rental data \u2013 including the<br \/>\n<a href=\"https:\/\/serpavi.mivau.gob.es\/\" target=\"_blank\" rel=\"noopener\">SERPAVI state rental price index<\/a> \u2013 to gauge realistic market levels;<\/li>\n<li>avoid excessive leverage: even with low rates, plan for LTV \u2264 60\u201370% and maintain a cash-flow buffer.<\/li>\n<\/ul>\n<h3>Tourist and seasonal rentals<\/h3>\n<p>Banco de Espa\u00f1a notes that <a href=\"https:\/\/alegria-realestate.com\/en\/articles\/holidays-in-spain\/record-number-of-foreign-tourists-visited-spain-in-the-first-nine-months-of-2025\">one of the key drivers of housing demand is <strong>tourism<\/strong><\/a>. In tourist areas this supports both sale prices and rental rates.<\/p>\n<p>However, this strategy has important nuances:<\/p>\n<ul>\n<li>short-term rental regulations at the level of autonomous communities and municipalities;<\/li>\n<li>the need for <a href=\"https:\/\/alegria-realestate.com\/en\/service\/tourist-license-in-spain\">tourist licences<\/a>, caps on the number of units, etc.;<\/li>\n<li>higher income volatility and sensitivity to seasonality and flight connectivity.<\/li>\n<\/ul>\n<p>Tourist rentals make sense as a <strong>premium on top of base yield<\/strong> (when the property can be switched to long-term rent if needed), rather than as the single scenario.<\/p>\n<h3>Alegria new builds as an investor tool<\/h3>\n<p>Given the shortage of quality new stock, participation in primary-market projects is one of the strategies that fits very well into the context described by Banco de Espa\u00f1a:<\/p>\n<ul>\n<li>enter the project at an early stage at a price below future market levels;<\/li>\n<li>capture capital appreciation by delivery;<\/li>\n<li>afterwards \u2013 either rent out the property or refinance under better conditions.<\/li>\n<\/ul>\n<blockquote><p>As a developer, Alegria offers several cooperation models for investors \u2013 from buying individual apartments to participating in larger projects. Details are available in the section <a href=\"https:\/\/alegria-realestate.com\/en\/service\/investing-in-property-in-spain\" target=\"_blank\" rel=\"noopener\">\u201cInvesting in Spanish Real Estate \u2013 Services for Investors\u201d<\/a>.<\/p><\/blockquote>\n<div style=\"margin: 16px 0; text-align: center;\"><a style=\"display: inline-block; width: 100%; max-width: 560px; padding: 14px 20px; border-radius: 14px; background: #51a300; color: #fff; text-decoration: none; font-weight: bold; font-size: 16px; line-height: 1.2; box-shadow: 0 6px 16px rgba(0,0,0,.08); transition: transform .05s ease,box-shadow .2s ease,background-color .2s ease;\" href=\"https:\/\/alegria-realestate.com\/en\/new-build-property-spain\" aria-label=\"Go to Alegria new build catalogue\">View all Alegria new builds<\/a><\/div>\n<h2 id=\"mortgage-2025\">Mortgages and leverage in 2025<\/h2>\n<h3>Rates and debt-service burden<\/h3>\n<p>In 2025, euro area monetary policy has moved into a gradual easing phase. According to Banco de Espa\u00f1a, this has already reduced banks\u2019 average funding costs and <strong>lowered households\u2019 debt-service burdens<\/strong>.<\/p>\n<p>For new mortgages in Spain this translates into:<\/p>\n<ul>\n<li>declining fixed rates (market levels are around 2.5\u20133.5% per annum for residents with strong profiles);<\/li>\n<li>more comfortable monthly payments and a larger buffer for rate-stress scenarios;<\/li>\n<li>growing interest in refinancing and new borrowing \u2013 which in turn fuels housing demand.<\/li>\n<\/ul>\n<h3>Bank criteria and LTV limits<\/h3>\n<p>Banco de Espa\u00f1a\u2019s key conclusion: <strong>banks are not loosening lending standards<\/strong> for mortgages.<\/p>\n<ul>\n<li><strong>LTV<\/strong> (loan-to-value) and <strong>LSTI<\/strong> (loan-service-to-income) ratios on new mortgages remain stable, without a marked shift into high-risk ranges.<\/li>\n<li>Market data suggest that for non-residents typical terms are <strong>LTV 60\u201370%<\/strong>, maturities up to 25\u201330 years, and rates slightly higher than for residents.<\/li>\n<\/ul>\n<p>This is positive for financial stability and, from an investor\u2019s perspective, reduces the likelihood of a \u201ccredit overheating\u201d \u2013 but it does require a larger equity contribution at entry.<\/p>\n<h3>Preparing for a mortgage as a non-resident<\/h3>\n<p>To improve your chances of getting a Spanish mortgage approved in 2025 as a non-resident, it is worth preparing in advance:<\/p>\n<ul>\n<li>collect documentation on your income and assets;<\/li>\n<li>think through the deal structure (personal purchase \/ via company);<\/li>\n<li>prepare a down payment of at least 30\u201340% of the purchase price plus transaction costs;<\/li>\n<li>undergo a preliminary assessment with a specialised mortgage advisor.<\/li>\n<\/ul>\n<blockquote><p>For a detailed breakdown of mortgage conditions and examples of bank products, see the article<br \/>\n<a href=\"https:\/\/alegria-realestate.com\/en\/articles\/mortgage-in-spain-in-2025-complete-guide\" target=\"_blank\" rel=\"noopener\">\u201cMortgages in Spain in 2025: Complete Guide\u201d<\/a>.<\/p><\/blockquote>\n<div style=\"margin: 16px 0; text-align: center;\"><a style=\"display: inline-block; width: 100%; max-width: 560px; padding: 14px 20px; border-radius: 14px; background: #51a300; color: #fff; text-decoration: none; font-weight: bold; font-size: 16px; line-height: 1.2; box-shadow: 0 6px 16px rgba(0,0,0,.08); transition: transform .05s ease,box-shadow .2s ease,background-color .2s ease;\" href=\"https:\/\/alegria-realestate.com\/en\/service\/mortgage-in-spain\" aria-label=\"Arrange a mortgage in Spain with Alegria\">Arrange a mortgage in Spain with Alegria<\/a><\/div>\n<h2 id=\"selection-and-risk\">How to choose an asset and manage risk<\/h2>\n<h3>Choosing a location: follow the data<\/h3>\n<p>Against the backdrop of geographically uneven price growth, three data blocks are crucial:<\/p>\n<ol>\n<li><strong>Demographics and employment<\/strong> \u2013 population growth, especially via migration and relocation, plus the presence of stable jobs.<\/li>\n<li><strong>Transaction and price statistics<\/strong> \u2013 INE and Ministry of Housing data by region, including dynamics over the past 3\u20135 years.<\/li>\n<li><strong>Rental segment<\/strong> \u2013 the strength of demand for long-term and tourist rentals and existing licensing restrictions.<\/li>\n<\/ol>\n<h3>Asset types and their role in the portfolio<\/h3>\n<ul>\n<li><strong>Mid-segment city apartments<\/strong> \u2013 the core tool for long-term rentals and relocation; lower price volatility.<\/li>\n<li><strong>Apartments in tourist areas<\/strong> \u2013 higher potential yields but more exposed to regulation and tourism flows.<\/li>\n<li><strong>Business-class new builds<\/strong> \u2013 a play on capital growth at delivery and in the first years after completion; developer selection expertise is critical.<\/li>\n<\/ul>\n<p>A solid overview of basic investment strategies can be found in the article <a href=\"https:\/\/alegria-realestate.com\/en\/articles\/useful-information\/what-to-know-before-buying-property-in-spain-as-an-investment\" target=\"_blank\" rel=\"noopener\">\u201cBuying Property in Spain as an Investment \u2013 What You Need to Know\u201d<\/a>.<\/p>\n<h3>Yield metrics and stress-testing<\/h3>\n<p>At a minimum, you should calculate the following metrics for each property:<\/p>\n<ul>\n<li><strong>Gross yield<\/strong> (rental income \/ purchase price);<\/li>\n<li><strong>Net yield<\/strong> (after taxes, IBI, comunidad, insurance and maintenance);<\/li>\n<li><strong>Cash-on-cash<\/strong> return \u2013 especially important if you use a mortgage;<\/li>\n<li>scenarios such as \u201cinterest rate +1\u20132 p.p.\u201d and \u201crent \u201310\u201315%\u201d \u2013 what happens to your cash flow?<\/li>\n<\/ul>\n<h2 id=\"risks-bde\">Key risks according to Banco de Espa\u00f1a and how to protect yourself<\/h2>\n<h3>Fiscal and geopolitical risks<\/h3>\n<ul>\n<li>High public debt in Spain and other major economies (US, France) could, under certain scenarios, lead to higher risk premia and more expensive funding.<\/li>\n<li>Geopolitical uncertainty and trade policy create a backdrop for volatility in financial markets and exchange rates.<\/li>\n<\/ul>\n<p><strong>What investors should do:<\/strong> avoid excessive leverage, fix at least part of the rate (fully fixed or mixed mortgage), and keep a liquidity reserve covering 6\u201312 months of debt service.<\/p>\n<h3>Risk of a correction after rapid price growth<\/h3>\n<p>Banco de Espa\u00f1a explicitly notes that housing prices are currently above levels implied by models based on \u201cincome + rates\u201d, although they are still far from the extremes of 2008.<\/p>\n<p><strong>How to account for this:<\/strong><\/p>\n<ul>\n<li>view investments on a 7\u201310-year horizon rather than as \u201cbuy and flip in 2 years\u201d;<\/li>\n<li>do not base your strategy solely on capital appreciation; <strong>stable rental yield<\/strong> should be the foundation;<\/li>\n<li>choose locations and formats where rental demand is structural (universities, medical hubs, logistics nodes, large cities).<\/li>\n<\/ul>\n<h3>Rate and liquidity risks<\/h3>\n<ul>\n<li>Rates have moved down, but the trajectory could change in the event of new inflation shocks.<\/li>\n<li>In an external shock (financial crisis, geopolitics), the market can temporarily \u201cfreeze\u201d \u2013 time on market for resales increases.<\/li>\n<\/ul>\n<p><strong>Protection:<\/strong> plan for conservative LTV, maintain liquidity reserves, and avoid strategies that depend on a quick resale.<\/p>\n<h2 id=\"howto-plan\">Step-by-step plan for investors: how to act in 2025<\/h2>\n<p>Below is a practical \u201chow-to\u201d on using Banco de Espa\u00f1a\u2019s conclusions when investing in Spanish real estate.<\/p>\n<ol>\n<li><strong>Define your goal and horizon:<\/strong> Is the main goal rental income, capital gains, relocation, or a combination? This determines the choice of location, asset type, and share of mortgage financing.<\/li>\n<li><strong>Assess your financial profile:<\/strong> Calculate your equity, acceptable LTV, and a comfortable monthly payment under a \u201crate +2 p.p.\u201d stress scenario.<\/li>\n<li><strong>Choose priority regions:<\/strong> Use data from Banco de Espa\u00f1a, INE and Alegria\u2019s regional reviews \u2013 look for a combination of price growth, stable demand and clear rental rules.<\/li>\n<li><strong>Choose the asset format:<\/strong> City apartment for long-term rent, tourist apartment, new build from a developer \u2013 each format has its own risk and return profile.<\/li>\n<li><strong>Run yield calculations and stress-tests:<\/strong> Model gross and net yield, payback period, cash-on-cash, and scenarios with lower rents and higher costs.<\/li>\n<li><strong>Prepare the mortgage case (if using leverage):<\/strong> Collect documents, pre-screen available products with an advisor, and shortlist banks.<\/li>\n<li><strong>Select an asset and perform due diligence:<\/strong> Legal cleanliness, technical condition, verification of rental potential and realism of projected rental rates.<\/li>\n<li><strong>Close the deal and set up management:<\/strong> Notary, registration, utility connections, and choosing a management format (self-management or professional property manager).<\/li>\n<\/ol>\n<blockquote><p>Alegria can support you at every step \u2013 from strategy and location selection to sourcing specific properties and managing them after purchase.<\/p><\/blockquote>\n<div style=\"margin: 16px 0; text-align: center;\"><a style=\"display: inline-block; width: 100%; max-width: 560px; padding: 14px 20px; border-radius: 14px; background: #51a300; color: #fff; text-decoration: none; font-weight: bold; font-size: 16px; line-height: 1.2; box-shadow: 0 6px 16px rgba(0,0,0,.08); transition: transform .05s ease,box-shadow .2s ease,background-color .2s ease;\" href=\"https:\/\/alegria-realestate.com\/en\/service\/buying-property-in-spain-as-a-foreigner\">Buy property in Spain with Alegria<\/a><\/div>\n<h3>Table 1. Key factors in Spain\u2019s housing market according to Banco de Espa\u00f1a (2025)<\/h3>\n<table>\n<thead>\n<tr>\n<th>Indicator<\/th>\n<th>Situation in 2025<\/th>\n<th>Comment for investors<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Household incomes and corporate profits<\/td>\n<td>Continue to grow, with slightly slower pace<\/td>\n<td>Supports demand for buying and renting housing<\/td>\n<\/tr>\n<tr>\n<td>Public debt<\/td>\n<td>Around 100% of GDP in projections through 2027<\/td>\n<td>Background macro risk, potential upward pressure on rates<\/td>\n<\/tr>\n<tr>\n<td>Bank profitability<\/td>\n<td>ROE ~14\u201315%, CET1 ~13.8%<\/td>\n<td>Banking sector is resilient, willing to lend<\/td>\n<\/tr>\n<tr>\n<td>House prices<\/td>\n<td>Growth ~12\u201313% year-on-year (Q2 2025), above average<\/td>\n<td>\u201cHot\u201d market \u2013 crucial not to overpay for location<\/td>\n<\/tr>\n<tr>\n<td>New construction<\/td>\n<td>Moderate activity, below pre-crisis levels<\/td>\n<td>Supports structural undersupply and price growth for quality assets<\/td>\n<\/tr>\n<tr>\n<td>Mortgages<\/td>\n<td>New lending is growing, standards unchanged<\/td>\n<td>Requires higher equity, but reduces credit-bubble risk<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Table 2. Typical mortgage parameters for non-resident investors (reference values)<\/h3>\n<table>\n<thead>\n<tr>\n<th>Parameter<\/th>\n<th>Typical value in 2025<\/th>\n<th>Comment<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>LTV (loan-to-value)<\/td>\n<td>60\u201370%<\/td>\n<td>Higher leverage is rarely available and increases risk<\/td>\n<\/tr>\n<tr>\n<td>Term<\/td>\n<td>up to 25\u201330 years<\/td>\n<td>Shorter terms mean lower total interest paid<\/td>\n<\/tr>\n<tr>\n<td>Fixed rate<\/td>\n<td>around 2.5\u20133.5% per annum for strong borrowers<\/td>\n<td>Depends on client profile and asset type<\/td>\n<\/tr>\n<tr>\n<td>One-off transaction costs<\/td>\n<td>~10\u201315% of purchase price<\/td>\n<td>Purchase taxes, notary, registration, professional fees<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>FAQ for investors and relocants in 2025<\/h2>\n<section id=\"faq\">\n<details>\n<summary><strong>Does the 2025 price growth mean a new housing bubble is forming in Spain?<\/strong><\/summary>\n<p>Banco de Espa\u00f1a emphasises that current price growth is accompanied by low household debt, moderate construction, and strict mortgage standards. This is very different from 2007. The market is \u201chot\u201d, but the regulator does not yet see systemic bubble signs \u2013 although local overheating in some micro-locations is possible.<\/p>\n<\/details>\n<details>\n<summary><strong>Is it worth entering the market at the price peak or better to wait for a correction?<\/strong><\/summary>\n<p>The answer depends on your investment horizon. If you invest for 7\u201310 years and focus on sustainable rental income, current price levels can be acceptable \u2013 especially in locations with strong structural demand. If your strategy is short-term flipping (1\u20132 years), the risk of correction is significantly higher.<\/p>\n<\/details>\n<details>\n<summary><strong>Which regions currently offer the best prospects for investment?<\/strong><\/summary>\n<p>Higher price and demand growth is observed in large metropolitan areas and coastal tourist regions with growing population and tourism. The specific choice depends on your strategy: for long-term rentals, cities with stable rental demand often work best; for mixed models, tourist locations with clear licensing rules are attractive.<\/p>\n<\/details>\n<details>\n<summary><strong>How difficult is it for a non-resident to get a mortgage in 2025?<\/strong><\/summary>\n<p>Banks are actively lending, but standards remain strict. In most cases a non-resident needs to contribute 30\u201340% equity, document their income, and provide an extended document package. With a strong borrower profile, approval is realistic.<\/p>\n<\/details>\n<details>\n<summary><strong>What level of rental yield should I target?<\/strong><\/summary>\n<p>This depends on location and segment. In major cities and stable long-term rental areas many investors target gross yields of 4\u20136% per year; in tourist locations yields can be higher, but so are volatility and operating costs. Always calculate net yield after taxes and ownership costs.<\/p>\n<\/details>\n<details>\n<summary><strong>Should I choose a fixed or variable mortgage rate right now?<\/strong><\/summary>\n<p>With falling benchmark rates, variable products may look attractive, but they carry the risk of higher payments in the future. Fixed rates provide predictable cash flow. Often a mixed structure (fixed for the first years, then variable) or a diversified portfolio works best.<\/p>\n<\/details>\n<details>\n<summary><strong>How important is developer selection when buying a new build?<\/strong><\/summary>\n<p>In a context of limited new supply, quality projects in good locations have strong upside potential. But developer risk is one of the key factors. Analyse track record, financial strength, permits and guarantees, as well as contract terms and payment schedules.<\/p>\n<\/details>\n<details>\n<summary><strong>Where should I start if I\u2019m investing in Spanish property for the first time?<\/strong><\/summary>\n<p>Start by clarifying your goals and speaking with a specialised consultant. Initially, it makes sense to discuss budget, target yield, attitude to leverage, time horizon and risks. The next steps are to narrow down locations, obtain a tailored shortlist of properties, and run yield and stress-test calculations.<\/p>\n<\/details>\n<\/section>\n<section id=\"sources\">\n<h2>Official sources<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bde.es\/wbe\/es\/publicaciones\/estabilidad-financiera-politica-macroprudencial\/informe-estabilidad-financiera\/informe-de-estabilidad-financiera-otono-2025.html\" target=\"_blank\" rel=\"noopener\">Banco de Espa\u00f1a \u2013 Informe de Estabilidad Financiera. Oto\u00f1o 2025<\/a><\/li>\n<li><a href=\"https:\/\/www.bde.es\/f\/webbe\/Secciones\/Publicaciones\/InformesBoletinesRevistas\/InformesEstabilidadFinancera\/25\/IEF_2025_2_Cap1.pdf\" target=\"_blank\" rel=\"noopener\">Banco de Espa\u00f1a \u2013 Informe de Estabilidad Financiera 2025, Resumen ejecutivo<\/a><\/li>\n<li><a href=\"https:\/\/www.bde.es\/f\/webbe\/Secciones\/Publicaciones\/InformesBoletinesRevistas\/InformesEstabilidadFinancera\/25\/IEF_2025_2_Rec4_1.pdf\" target=\"_blank\" rel=\"noopener\">Banco de Espa\u00f1a \u2013 Recuadro 4.1: heterogeneidad geogr\u00e1fica de los precios de la vivienda (2022\u20132025)<\/a><\/li>\n<li><a href=\"https:\/\/www.ine.es\/dyngs\/INEbase\/es\/operacion.htm?c=Estadistica_C&amp;cid=1254736152838&amp;idp=1254735976607\" target=\"_blank\" rel=\"noopener\">INE \u2013 \u00cdndice de Precios de Vivienda (IPV), 2025<\/a><\/li>\n<li><a href=\"https:\/\/www.ine.es\/dyngs\/IOE\/operacion.htm?numinv=25003\" target=\"_blank\" rel=\"noopener\">INE \u2013 Estad\u00edstica de Transacciones Inmobiliarias, Programa anual 2025<\/a><\/li>\n<li><a href=\"https:\/\/serpavi.mivau.gob.es\/\" target=\"_blank\" rel=\"noopener\">Ministerio de Vivienda y Agenda Urbana \u2013 Sistema Estatal de Referencia del Precio del Alquiler de la Vivienda (SERPAVI)<\/a><\/li>\n<li><a href=\"https:\/\/www.airef.es\/wp-content\/uploads\/2025\/03\/Opinion_riesgos_fiscales\/Opinion-Riesgos-Fiscales-2025-.pdf\" target=\"_blank\" rel=\"noopener\">AIReF \u2013 Opini\u00f3n sobre riesgos fiscales 2025<\/a><\/li>\n<\/ul>\n<p><small>Disclaimer: The information in this article does not constitute legal or tax advice and is not a public offer. <\/small><span style=\"color: #666666; font-size: 12px;\">This material is for informational purposes only and cannot replace personalised legal, tax or financial advice based on your individual situation.<\/span><\/p>\n<\/section>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Spain\u2019s macro environment in 2025: what Banco de Espa\u00f1a\u2026<\/p>\n","protected":false},"author":34,"featured_media":986284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-986274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banco de Espa\u00f1a Report 2025: Spain\u2019s Real Estate Outlook for Investors and Relocators<\/title>\n<meta name=\"description\" content=\"We unpack the Banco de Espa\u00f1a Autumn 2025 report: home prices, mortgages, risks, and where it\u2019s smart to buy in Spain right now. Book a consultation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banco de Espa\u00f1a Report 2025: Spain\u2019s Real Estate Outlook for Investors and Relocators\" \/>\n<meta property=\"og:description\" content=\"We unpack the Banco de Espa\u00f1a Autumn 2025 report: home prices, mortgages, risks, and where it\u2019s smart to buy in Spain right now. Book a consultation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274\" \/>\n<meta property=\"og:site_name\" content=\"Property for sale in Spain\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/realestate.alegria\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-14T13:10:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-17T20:28:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2025\/11\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Irina\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@alegriarealesta\" \/>\n<meta name=\"twitter:site\" content=\"@alegriarealesta\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors\"},\"author\":{\"name\":\"Irina\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/#\\\/schema\\\/person\\\/d5f65cbf5d490b626f10bef994e91bde\"},\"headline\":\"Is a New Housing Bubble Brewing in Spain? Banco de Espa\u00f1a Thinks Not\",\"datePublished\":\"2025-11-14T13:10:29+00:00\",\"dateModified\":\"2025-11-17T20:28:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors\"},\"wordCount\":35080,\"publisher\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/alegria-realestate.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png\",\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors\",\"url\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors\",\"name\":\"Banco de Espa\u00f1a Report 2025: Spain\u2019s Real Estate Outlook for Investors and Relocators\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/alegria-realestate.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png\",\"datePublished\":\"2025-11-14T13:10:29+00:00\",\"dateModified\":\"2025-11-17T20:28:21+00:00\",\"description\":\"We unpack the Banco de Espa\u00f1a Autumn 2025 report: home prices, mortgages, risks, and where it\u2019s smart to buy in Spain right now. Book a consultation.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[[\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors\"]]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage\",\"url\":\"https:\\\/\\\/alegria-realestate.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png\",\"contentUrl\":\"https:\\\/\\\/alegria-realestate.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png\",\"width\":1536,\"height\":1024},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/articles\\\/banco-de-espana-2025-spanish-real-estate-outlook-investors#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u0413\u043b\u0430\u0432\u043d\u0430\u044f \u0441\u0442\u0440\u0430\u043d\u0438\u0446\u0430\",\"item\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u0412 \u0418\u0441\u043f\u0430\u043d\u0438\u0438 \u0437\u0440\u0435\u0435\u0442 \u043d\u043e\u0432\u044b\u0439 \u043f\u0443\u0437\u044b\u0440\u044c \u043d\u0430 \u0440\u044b\u043d\u043a\u0435 \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438? Banco de Espa\u00f1a \u0442\u0430\u043a \u043d\u0435 \u0441\u0447\u0438\u0442\u0430\u0435\u0442\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/\",\"name\":\"Property for sale in Spain\",\"description\":\"+5 000 properties for sale, Spain: houses and flats. Listings from real estate agency \u00abAlegria\u00bb. Professional assistance in buying real estate in Spain\",\"publisher\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/#organization\",\"name\":\"Alegria Realestate\",\"url\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/alegria-realestate.com\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/logo_alegria.png\",\"contentUrl\":\"https:\\\/\\\/alegria-realestate.com\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/logo_alegria.png\",\"width\":1600,\"height\":1403,\"caption\":\"Alegria Realestate\"},\"image\":{\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/realestate.alegria\",\"https:\\\/\\\/x.com\\\/alegriarealesta\",\"https:\\\/\\\/www.instagram.com\\\/alegriadom\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/profile\\\/view?id=154965227\",\"https:\\\/\\\/www.youtube.com\\\/user\\\/AlegriaRealEstate\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/alegria-realestate.com\\\/#\\\/schema\\\/person\\\/d5f65cbf5d490b626f10bef994e91bde\",\"name\":\"Irina\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Banco de Espa\u00f1a Report 2025: Spain\u2019s Real Estate Outlook for Investors and Relocators","description":"We unpack the Banco de Espa\u00f1a Autumn 2025 report: home prices, mortgages, risks, and where it\u2019s smart to buy in Spain right now. Book a consultation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274","og_locale":"en_US","og_type":"article","og_title":"Banco de Espa\u00f1a Report 2025: Spain\u2019s Real Estate Outlook for Investors and Relocators","og_description":"We unpack the Banco de Espa\u00f1a Autumn 2025 report: home prices, mortgages, risks, and where it\u2019s smart to buy in Spain right now. Book a consultation.","og_url":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274","og_site_name":"Property for sale in Spain","article_publisher":"https:\/\/www.facebook.com\/realestate.alegria","article_published_time":"2025-11-14T13:10:29+00:00","article_modified_time":"2025-11-17T20:28:21+00:00","og_image":[{"width":1536,"height":1024,"url":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2025\/11\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png","type":"image\/png"}],"author":"Irina","twitter_card":"summary_large_image","twitter_creator":"@alegriarealesta","twitter_site":"@alegriarealesta","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/alegria-realestate.com\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#article","isPartOf":{"@id":"https:\/\/alegria-realestate.com\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors"},"author":{"name":"Irina","@id":"https:\/\/alegria-realestate.com\/#\/schema\/person\/d5f65cbf5d490b626f10bef994e91bde"},"headline":"Is a New Housing Bubble Brewing in Spain? Banco de Espa\u00f1a Thinks Not","datePublished":"2025-11-14T13:10:29+00:00","dateModified":"2025-11-17T20:28:21+00:00","mainEntityOfPage":{"@id":"https:\/\/alegria-realestate.com\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors"},"wordCount":35080,"publisher":{"@id":"https:\/\/alegria-realestate.com\/#organization"},"image":{"@id":"https:\/\/alegria-realestate.com\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage"},"thumbnailUrl":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2025\/11\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png","articleSection":["Blog"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors","url":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors","name":"Banco de Espa\u00f1a Report 2025: Spain\u2019s Real Estate Outlook for Investors and Relocators","isPartOf":{"@id":"https:\/\/alegria-realestate.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage"},"image":{"@id":"https:\/\/alegria-realestate.com\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage"},"thumbnailUrl":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2025\/11\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png","datePublished":"2025-11-14T13:10:29+00:00","dateModified":"2025-11-17T20:28:21+00:00","description":"We unpack the Banco de Espa\u00f1a Autumn 2025 report: home prices, mortgages, risks, and where it\u2019s smart to buy in Spain right now. Book a consultation.","breadcrumb":{"@id":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":[["https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors"]]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#primaryimage","url":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2025\/11\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png","contentUrl":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2025\/11\/20251114_1407_\u0420\u044b\u043d\u043e\u043a-\u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438-\u0418\u0441\u043f\u0430\u043d\u0438\u0438.png","width":1536,"height":1024},{"@type":"BreadcrumbList","@id":"https:\/\/alegria-realestate.com\/en\/articles\/banco-de-espana-2025-spanish-real-estate-outlook-investors#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u0413\u043b\u0430\u0432\u043d\u0430\u044f \u0441\u0442\u0440\u0430\u043d\u0438\u0446\u0430","item":"https:\/\/alegria-realestate.com\/en\/"},{"@type":"ListItem","position":2,"name":"\u0412 \u0418\u0441\u043f\u0430\u043d\u0438\u0438 \u0437\u0440\u0435\u0435\u0442 \u043d\u043e\u0432\u044b\u0439 \u043f\u0443\u0437\u044b\u0440\u044c \u043d\u0430 \u0440\u044b\u043d\u043a\u0435 \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u0438? Banco de Espa\u00f1a \u0442\u0430\u043a \u043d\u0435 \u0441\u0447\u0438\u0442\u0430\u0435\u0442"}]},{"@type":"WebSite","@id":"https:\/\/alegria-realestate.com\/en\/#website","url":"https:\/\/alegria-realestate.com\/en\/","name":"Property for sale in Spain","description":"+5 000 properties for sale, Spain: houses and flats. Listings from real estate agency \u00abAlegria\u00bb. Professional assistance in buying real estate in Spain","publisher":{"@id":"https:\/\/alegria-realestate.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/alegria-realestate.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/alegria-realestate.com\/en\/#organization","name":"Alegria Realestate","url":"https:\/\/alegria-realestate.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/alegria-realestate.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2019\/08\/logo_alegria.png","contentUrl":"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2019\/08\/logo_alegria.png","width":1600,"height":1403,"caption":"Alegria Realestate"},"image":{"@id":"https:\/\/alegria-realestate.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/realestate.alegria","https:\/\/x.com\/alegriarealesta","https:\/\/www.instagram.com\/alegriadom\/","https:\/\/www.linkedin.com\/profile\/view?id=154965227","https:\/\/www.youtube.com\/user\/AlegriaRealEstate"]},{"@type":"Person","@id":"https:\/\/alegria-realestate.com\/#\/schema\/person\/d5f65cbf5d490b626f10bef994e91bde","name":"Irina"}]}},"_links":{"self":[{"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/comments?post=986274"}],"version-history":[{"count":5,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274\/revisions"}],"predecessor-version":[{"id":986319,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/posts\/986274\/revisions\/986319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/media\/986284"}],"wp:attachment":[{"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/media?parent=986274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/categories?post=986274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alegria-realestate.com\/en\/wp-json\/wp\/v2\/tags?post=986274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}