Home sales in Spain grew by one in October 51.3% in annual rate, reaching 69,418 transmissions, which represents the highest figure since May 2007, according to the Property Rights Transfer Statisticsoffered by the INE, from the month of October 2024. The data already links four months of interannual increases, after in July, August and September it rose by 19%, 0.9% and 41.5%, respectively.
In this way, the data continue to record figures similar to times before the real estate bubble. The upward trend that housing operations have registered throughout this year responds to a manifest reason: he European Central Bank (ECB) has lowered interest rates for the third consecutive time, and the fourth time in 2024. The price of money, previously at 3.25%, falls to 3%. The result of this policy is the decrease in mortgages and credits, further encouraging citizens to carry out real estate transactions.
In October they were registered in the property registries 231,209 farmsa 37.7% more than in the same month of the previous year. The inter-monthly rate of the index shows an increase of 12.2% since September, while in the first ten months of 2024 it has increased by 7.5%.
He 87.7% of the sales registered in October corresponded to farms urbanand the 12.3% to farms rustic. In the case of urban properties, 60.6% of them were homes. Rustic properties, for their part, increased their sales by 36.8% compared to October 2023, and urban properties by 49.6%. Within the purchase and sale of urban properties, the purchase and sale of homes registered an increase of 51.3%.
When breaking down the figure, it is observed that the 92.4% of the homes transferred by sale were freewhile the 7.4% remaining had housing status protected. In annual terms, the number of free homes transferred grew by 50.6%, while those protected rose even more, up to 60.2%.
Taking into account the status of the homes transferred, the purchase and sale of new homes increased by 83.4% compared to October 2023, until 16,224 operationsand that of used homes increased by 43.6%, reaching 53,194. The breakdown by autonomous communities reveals that the Principality of Asturias (79.3%), Cantabria (65.8%) and the Basque Country (54.1%) were the communities with the highest annual rate of variation in the total number of properties transmitted in October.
For its part, the Foral Community of Navarre (12.6%), Castile and León (20.1%) and Estremadura (23.8%) presented the lowest rates. On the other hand, the sale and purchase of registered homes had a greater increase in La Rioja (88.2%), Cantabria (81.3%) and Principality of Asturias (69.8%). Foral Community of Navarra (13.9%), Region of Murcia (28.5%) and Extremadura (35.8%) recorded the lowest growth.
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