The real estate market maintains its momentum. Home sales grew by 15% in November compared to the same month of 2023 until registering a total of 54,299 operations. This is clear from the Statistics on the Transfer of Property Rights published this Monday by the National Statistics Institute (INE). With this increase, the market accumulates five months of consecutive increases in the second half of the year, coinciding with the cut in interest rates by the European Central Bank (ECB).
The increase in acquisitions in November comes after a busy October in the real estate market. In the tenth month of 2024, home sales soared by 51.3% to almost 70,000 operations, the highest volume of transactions recorded in a single month since May 2007, still in the midst of the real estate bubble. The 41.5% increase recorded in September was also not far behind, which was added to those recorded in July and August.
This dynamism in the purchase and sale of housing underpins the market recovery, which returned to positive territory in the second half of the year last, after the ECB began the de-escalation of interest rates in June after almost two years of beginning to raise them to try to contain inflation. This reduction was followed by three others, which left the rates at the end of the year around 3%, at their lowest level since March 2023. The Euribor – the reference indicator for most variable rate mortgages – also accelerated in parallel its fall, thus giving rise to more attractive conditions for those looking for a mortgage to buy a flat.
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