The real estate market is an imperfect market, that means that “the real price” doesn’t exist. It’s difficult to find an objective price per sqm. It’s true that in places like in the US, is much more monitored that in Spain, but in Spain you need to check different indexes too reach a conclusion.
We recommend you the following:
To calculate the Real Estate cycle (there are 2):
The Financial Cycle (long term):
The physical Cycle (short term):
In 2019-2020, it’s expected that rentals will be too expensive for Spanish salaries, that combined with an expected an small global economic downturn (http://www.imf.org/en/publications/weo) will make a little crash of 1-2 years.