«HOUSING PURCHASES IN SPAIN SHOOT UP BY 51%, REACHING THE HIGHEST FIGURES IN MAY 2007»
The sale and purchase of homes in Spain this year reaches the highest figures recorded to date.
During this year, 69,418 transactions have been registered, the highest monthly figure since May 2007, according to the National Institute of Statistics (INE).
The INE data confirms the trend that the Property Registrars were already anticipating regarding the sharp rise in home sales starting in October 2024.
According to the statistics agency, in the tenth month of the year, 69,418 transactions were registered in the records, 51.3% more than in October 2023. This is the highest monthly figure since May 2007 and increases the number of operations so far this year by 7.5% year-on-year.
With the advance in October, the most pronounced since August 2021, the sale and purchase of homes chains four months of year-on-year increases after in July, August and September it rose by 19%, 0.9% and 41.5%, respectively.
The sharp rise in sales has been generalized both by type of home and by region.
Specifically, the number of operations on new homes increased by 83.4% compared to October 2023, with 16,224 units; and “second-hand” homes increased by 43.6%, with 53,194 sales. Both markets register a positive annual balance, although in the first 10 months of the year sales of newly built homes are growing more strongly, with an increase of 18.9%. On the other hand, second-hand home transactions rose at a slower rate, 4.8%.
92.4% of the homes transferred by sale in October were free homes and 7.6% were protected. In total, the purchase and sale of free homes increased by 50.6% year-on-year, to 64,145 transactions, while the purchase and sale of subsidized homes increased by 60.2%, to total 5,273 transactions.
All this seems to confirm that latent demand has been reactivated very strongly after the reduction in financing and due to the fear that prices will continue to grow strongly.
However, the supply problem suffered by the market is by no means resolved, and this buying and selling rally at the end of 2024 will mean greater tension in prices in the coming months.
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