The repeated lowering of interest rates facilitated by the European Central Bank (ECB) is putting the wind in favor of the residential real estate sector as was taken for granted in the market. The month of September has come to corroborate the recovery trend in home sales after the mortgage relaxation with a year-on-year increase of 12.5%, the sixth consecutive month in which the statistics improve to that of 2023, according to data from the Council General of the Notaries. On this occasion, there were 55,033 houses that were transacted, marking the way for the end of the year to far exceed the 642,432 transactions signed last year.
At the moment there are 515,000 homes that have been transaction He uncorked the champagne to celebrate the best year after the outbreak of the brick crisis. Then there were 721,351 houses, both new and used, that were sold.
As happened at that time, now the growth in sales is widespread throughout Spain. Only Navarra saw the number of operations fall compared to September of last year, after registering a decrease of 4%. Furthermore, there were more regions with progress above the national average than those that remained below it, being especially relevant in the Basque Country (+39.8%) and Madrid (+24.5%), but no less meritorious in Castile-La Mancha (+23.3%), Castile and León (+21.9%), Asturias (+20.0%), Estremadura (+17.0%), Cantabria (+16%), Rioja (+14%), Catalonia (+13.3%) and Murcia (+12.7%).
They also advanced in terms of the number of home purchases, although below the national average, Galicia (+12.0%), Balearics (+6.2%), Andalusia (+4.9%), Valencian Community (+4.7%), Aragon (+4.5%) and Canary Islands (+4.4%).
By type of housing, apartment sales increased by 11.4% year-on-year, reaching 41,712 units, while single-family homes (villas) increased by 16.2%, reaching 13,321 units.
Mortgage recovery
That the relaxation of mortgage conditions has had a special role in the advancement of the purchase and sale market is made clear by the number of loans for home purchases, which grew twice as much as the number of operations. In September, 25,794 mortgage loans were signed throughout Spain, 26% more than in the same month of 2023. What does not mean that house purchases with a mortgage continue to be proportionally lower than those made in cash, representing 46 .9% of the total in the ninth month of the year. In this type of acquisitions with financing, the amount of the loan represented on average 72.2% of the price.
In the heat of this recovery, the price of housing has also been encouraged until reaching 1,757 euros per square meter in September, 4.2% more than in the same month of 2023, according to data from notaries. . In a differentiated way, the value of apartments had an increase of 5.6% compared to the same month of the previous year, reaching 1,990 euros per square meter, while single-family homes averaged 1,356 euros per meter, 2.4 %.
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