The rate cuts undertaken by the European Central Bank have boosted the housing market. For six months now the data has been improving compared to 2023, and in October it happened again. In the tenth month of the year, the sale and purchase of homes increased by 18.1% compared to the same month of 2023, while the granting of mortgage loans rose by 24.4%, according to data from the Notarial Statistical Information Center, published this Wednesday.
Specifically, the number of sales reached 63,667 units and the average price per square meter stood at 1,693 euros, registering an increase of 2.9% year-on-year.
By type of housing, apartment sales increased by 16.4% year-on-year, reaching 48,168 units, while single-family homes increased by 23.8% year-on-year, reaching 15,499 units.
Apartment prices rose 5.3% compared to the same month of the previous year, reaching 1,913 euros per square meter, while the price of single-family homes averaged 1,318 euros per square meter, registering a decrease of 0.2%.
Improvement in 15 autonomies
According to statistics, home sales grew in 15 autonomous communities and decreased in the remaining two. The regions where an evolution above the national average was recorded were La Rioja (70.9%)Castilla-La Mancha (43.3%), Basque Country (26.7%), Asturias (26.6%), Castilla y León (26.4%), Murcia (25.5%), Catalonia (20 %), Madrid (19.8%) and Extremadura (19.8%).
Promotions were below the national average in Aragon (16.4%), Andalusia (16%), Galicia (15.6%), Valencian Community (11.9%), Cantabria (8.2%) and Balearic Islands (6.1%) while the decreases were recorded in Navarra (-10.6%) and the Canary Islands (-2.8%).
More mortgages
For its part, Mortgage loans for home acquisition grew by 24.4% year-on-year in Spain, up to 29,486 operations. The average amount of these loans increased by 2.1% year-on-year, reaching 150,573 euros on average.
The percentage of home purchases financed by a mortgage loan stood at 46.3%. Furthermore, in this type of purchases with financing, the amount of the loan represented on average 71.7% of the price.
Mortgage loans for home acquisition grew in fifteen autonomous regions, but decreased in Navarra (-20.4%) and the Balearic Islands (-6.2%).
The communities with rates higher than the national average were La Rioja (72.3%), Castilla-La Mancha (50.4%), Murcia (38.4%), Extremadura (37.2%), Castilla y León (36.2%), Catalonia (33.6%), Aragon (31.4 %), Asturias (30.3%) and Valencian Community (25.1%).
The number of new loans increased to a lesser extent than the average in the six remaining autonomies: Madrid (21.8%), Cantabria (20.9%), Andalusia (19.9%), Basque Country (17.2%) , Galicia (14.9%) and the Canary Islands (8.1%).
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