Home sales accelerate to 2008 levels and grow 40.6% year-on-year

The sale of homes reached 53,410 operations last September, 40.6% more than in the same month of 2020 and the highest figure in more than 13 years (since April 2008), according to the property rights transfer statistics published this Monday by the OTHER. Of the 53,410 homes sold, 79.5% were second-hand (42,477), 43.6% more than a year ago, and 20.5% were new construction (10,933), 30.1% more. According to the INE, not so many used homes have been sold since May 2007, more than 24 years ago. Regarding the reasons that consolidate and support this growth, the real estate sector has repeatedly warned in recent weeks that the current situation of uncertainty and high family savings rate is driving home purchases in Spain. They also ensure that current prices are around 30% below the historical highs, so there is a certain path to revaluation.

According to the study ‘The postcovid real estate market 19. Profitable investment or new bubble?’, Carried out by EAE Business School, the real estate sector is recovering rapidly, reaching pre-pandemic levels. High inflation, together with the slowdown in the construction of new homes, the reduced availability of second-hand supplies and low interest rates, are pushing investors towards the real estate sector, turning it back into a safe haven asset. In the opinion of Ferran Font, director of studies at Pisos.com, the current situation in the real estate sector is clearly marked by the impact that the housing law will have on the market. In his opinion, the limitations on the construction of new housing “may lead to many developments moving away from urban centers.”

87.5% of the sales registered in September corresponded to urban properties and 12.5% ​​to rustic properties. In the case of urban ones, 59.5% were merchantings of dwellings. The number of merchantings of rustic properties rose 0.2% in the annual rate in September and that of urban properties 35.0%. Within the latter, merchantings of dwellings registered an annual increase of 40.6%.

91.9% of the homes transferred by sale in September were free and 8.1% were protected. In annual terms, the number of free homes transferred by sale increased by 41.7% and that of protected homes by 29.2%. 20.5% of the homes transferred by sale in September are new and 79.5% are used. The number of operations on new homes increased by 30.1% compared to September 2020 and that of used homes by 43.6%.

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In September, the total number of transmitted farms registered in the property registers per 100,000 inhabitants reached its highest values ​​in Castilla y León (753), La Rioja (737) and Cantabria (665). The Basque Country (34.3%), Cantabria (29.7%) and the Balearic Islands (28.7%) registered the highest annual variation rates. On the other hand, Comunidad Foral de Navarra (–14.3%), Principado de Asturias (–1.3%) and Extremadura (–1.0%) presented the lowest annual rates. In terms of registered home sales, the communities with the highest number of transfers per 100,000 inhabitants are Comunitat Valenciana (190), Andalucía (177) and Región de Murcia (161). The Autonomous Communities that presented the highest annual increases in the number of home sales in September were the Comunidad Foral de Navarra (68.3%), País Vasco (55.9%) and Andalucía (54.9%). The only community with a negative variation rate is Extremadura (–2.4%). For their part, Principado de Asturias (1.4%) and Región de Murcia (19.7%) registered the lowest increases.


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