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HOME SALES DECLINE IN THE FIRST QUARTER OF 2023

Home sales fall by 13% in February and mortgages by 24%. According to the Europapress news agency, “the sale and purchase of homes decreased in Spain by 13.1% last February in year-on-year rate and the granting of mortgage loans for the acquisition of housing decreased by 24.4%; data recorded by the General Council of Notaries”.

In Spain, February registered a 13.1% year-on-year decline, to 48,445 units, and the average price per square meter stood at 1,582 euros, up 0.3% year-on-year. In the case of apartments, it rose by 0.9% to 1,762 euros/m2, while the price of single-family homes averaged 1,247 euros/m2, registering a decline of 2.4%.

According to the notaries’ data, the percentage of home purchases financed through a mortgage loan stood at 42.5%. In addition, in this type of financed purchases, the amount of the loan represented on average 70.8% of the price.

By type of home, sales of apartments decreased by 12.4% year-on-year, while single-family homes fell by 15.4% year-on-year.

The ten autonomous communities where housing has become more expensive compared to February and March 2022 were: La Rioja, Castilla-La Mancha, Cantabria, Canary Islands and Madrid. On the other hand, in communities such as Castilla y León, the Valencian Community, the Basque Country, Extremadura and Catalonia, the rises have been more moderate.

Through the media EpData, we learn that, “meanwhile, the sale and purchase of free housing varied by 6.28% in January 2023 in year-on-year rate, to total 51,719 transactions, while operations on subsidized housing experienced a change of 9.71%, with 4,653 transactions. Compared to the same month of the previous year, the average price of housing has experienced a variation of 0.25%, while the number of transactions has evolved by -13.15%”.

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