Home gross sales break 13 months of consecutive declines after rising 5.8% in February | Economy | EUROtoday

Last February, the sale and buy of houses registered a rise of 5.8% in comparison with the identical month in 2023, as much as a complete of 52,796 operations, as reported this Monday by the National Institute of Statistics (INE). With the advance in February, house gross sales put an finish to 13 consecutive months of year-on-year declines. The year-on-year rebound in house gross sales in February has been due, above all, to the rise in transactions on new flats, which grew by double digits. The sale of present houses additionally elevated, though at a extra reasonable tempo. Specifically, the sale and buy of second-hand houses rose 2.2% year-on-year in February, totaling 41,268 operations, whereas transactions carried out on new flats shot up 20.8%, to 11,528 operations.

92.9% of the houses transferred by sale in February had been free houses and seven.1% had been protected. In complete, the acquisition and sale of free houses elevated by 6.7% year-on-year, to 49,033 transactions, whereas the acquisition and sale of sponsored houses fell by 4.7%, to a complete of three,763 transactions. In an inter-monthly price (February over January), the sale of houses fell by 2.9%, whereas within the first two months of 2024 it has elevated by 1.6%, with an advance of 11.8% within the case of recent houses and a decline of 0.7% in used houses.

The Association of Construction Developers of Spain (APCE) factors out that the info “show the rise of new construction housing in real estate activity, which with more than 11,500 operations, registers its highest level of activity in the last 10 years” . “The great imbalance between supply and demand for housing explains why the little that is produced has a quick exit. Housing creation is at levels much lower than what we need, and as long as this happens, prices will not slow down their upward trend. If we want to put a stop to the housing problem, it is essential that the Land Law reform project see the light of day as soon as possible,” says the overall secretary of APCE, Beatriz Toribio.

The professor of Economics on the Pompeu Fabra University, José García Montalvo, tells this newspaper that “the info have been good, however predictable, provided that the banks have stopped the rise in mortgage charges and, in some instances, have begun to “lower them to gain market share where it will not be as easy as last year to increase the interest margin without increasing volume, since the forecast is that rates will fall.”

Sales improve in 13 communities

By autonomous group and in absolute values, Andalusia was the area that carried out probably the most house gross sales in the course of the second month of the 12 months, with 9,606, adopted by the Valencian Community (9,154), Catalonia (8,518) and Madrid (6,323). Thirteen territories offered extra houses in February than in the identical month of 2023. The sharpest will increase occurred in Navarra (+50.6%), Galicia (+38.4%) and Murcia (+19.5%), whereas probably the most reasonable had been for Madrid (+0.4%) and the Basque Country (+1.4%). At the opposite excessive, 4 areas diminished house gross sales in February in comparison with the identical month in 2023: Canary Islands (-12%), Balearic Islands (-10.3%), Andalusia (-1.5%) and Castilla y León ( -1%).

The complete variety of properties transferred will increase by 4.4%

The properties transferred within the property registries, from public deeds carried out beforehand, reached 190,717 final February, 4.4% greater than in the identical month of 2023. 7% extra properties had been transferred by means of gross sales than a 12 months earlier than, whereas these transmitted by donation fell by 1.2% year-on-year; Those transmitted by inheritance decreased by 1.6%, and alternate operations fell by 3.9%.

87% of the gross sales in February corresponded to city properties, which embody houses, and 13% to rural properties. Sales of city properties rose 7.3% year-on-year, whereas these of rural properties elevated 5.3% in comparison with February 2023, totaling 91,799 and 13,666 transactions, respectively.

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