From the unprecedented boom at the beginning of the 21st century to the deep global financial crisis that seriously affected the sector, through a gradual recovery in the last decade, the real estate market has evolved significantly. Héctor Tramullas, Gilmar General Directoremphasizes that «the evolution of the Spanish real estate market has been marked by deep changes, not only economic, but also social and cultural, which have substantially modified the way we understand housing.»
During the first years 2000, Spain lived a period of real estate expansion unprecedented. Generalized access to mortgage credit, added to constant economic growth, generated a massive demand for housing both by nationals and foreign investors, especially in tourist destinations such as the Costa del Sol. According to the National Institute of Statistics (INE), the year, the year 2006 registered historical figures with the construction of more than 865,000 new homes.
However, this real estate bubble fell apart after the beginning of the Global financial crisis in 2007causing a deep recession in Spain that especially affected the construction sector. Between 2008 and 2013housing prices experienced accumulated falls greater than 40% In some cases, according to official figures from the Bank of Spain. This period was a challenge for the sector and demanded a rapid adaptation to the new market conditions, something that from Gilmar was managed «reinforcing specialized advice and developing a strategic capacity oriented to the new needs of the consumer.»
Since 2014the Spanish real estate market began a Paulatine recovery phasebased on economic reforms and the stabilization of the financial sector, in addition to renewed trust by international investors. This recovery has been particularly remarkable in areas of great tourist and economic attraction, such as Madrid and the Costa del Sol, where companies such as Gilmar have developed projects that clearly reflect this growth stage.
Tramullas adds: «Each economic cycle has demanded from our sector a remarkable ability to adapt quickly to new scenarios. From Gilmar we have always opted to anticipate trends and offer innovative solutions that respond to market expectations and demands.»
At present, the Spanish real estate market faces significant challenges, As the growing demand for rent for rent, the imbalance between supply and demand, the adaptation to more demanding and digitized consumers, and the incorporation of sustainability criteria in the new constructions. The Bank of Spain has recently warned about the growing pressure in the rental market, with substantial increases in prices in the main cities, adding complexity to the current stage of the real estate sector.
Additionally, a growing interest on the part of foreign investors, especially in areas such as the Costa del Sol and large cities such as Madrid and Barcelona. This promotes the development of specific real estate projects for this international profile, generating additional opportunities for the sector and demanding a highly specialized and competitive approach by real estate companies.
Thus, Tramullas considers key to «continue promoting the professionalization of the sector, as well as diversifying the offer to satisfy an increasingly heterogeneous and sophisticated market.» According to the manager, these are the necessary strategies to ensure the stability and sustained growth of the Spanish real estate market in the coming years.