↑ Euribor 1-year average rate and average mortgage rate, Spain. An increase (or decrease) of it implies increases (or decreases) in mortgage rates, which alters the direction and speed of money movement.
↑ Nominal price and Interest rate: percentage of annual change compared to the previous year.
Left axis (bars): interest rate (Mibor/Euribor).
Right axis (line): nominal price.
↑ Money growth compared to housing growth (%). If the stock of the Euro grows faster than the stock of houses, houses become scarcer relative to the money in circulation, pushing up the housing prices and vice versa.
Data sources
Housing prices, from 1985 to 2006, according to Sociedad de Tasación (Access to data is under request, but can be seen in the linked publication): Publication, Link
Housing prices, from 2007 onwards, according to the notaries (Grupo 5 > Acto 501 - Compraventa inmuebles > Inmuebles en fincas urbanas, viviendas): Link
Euribor 1-year rate averaged, from 2002 onwards (Euribor 1-year - Historical close, average of observations through period): Link
Mibor 1-year rate averaged, from 1979 to 2001 (Cuadro 19.1 del BE - Tipo de interés. De referencia. Oficiales. Mercado hipotecario. Interbancario. Mibor a 1 año): Link
Euro Area, Monetary aggregate M3, ECB (European Central Bank): Link
Mortgages constituted according to interest rate, Bank of Spain (Tipo medio de los préstamos hipotecarios a más de 3 años para adquisición de vivienda libre > Del conjunto de entidades de crédito): Link
Housing stock, from 1971 to 2000, according to Atlas Digital de las Áreas Urbanas (Parque de Viviendas > Viviendas según tipo > Viviendas familiares > Select from available years 1970, 1981, 1991, 2001, 2011 > Tabla and Sintesis): Link. Based on the data from 1970, 1981 and 1991, the remaining years gaps have been estimated, in a similar way as done by Banco de España (Observatorio de Vivienda y Suelo > Boletines periódicos > Boletín Anual 2021 > Tabla 8.1): Link
Housing stock, from 2001 onwards (Total de viviendas por comunidades autónomas y provincias): Link
