In our country, and due to the pandemic, the number of real estate inheritances has risen considerably. So much so that last November a figure, never seen before, was reached: specifically 17.157 properties were inherited. This meant no less than an increase of 20% with regard to November 2019. If we look at last September the increase was of 13%, whereas in October it only reached 5%. This unambiguous reading makes us consider the appalling number of deaths caused by the coronavirus, and thus the exponential increase of property inheritance. The pandemic virtually paralyzed the country when it took on the whole world last March. And therefore, the real estate sector suffered as can be seen in the decline in operations. With regard to inheritances, in April 5.490 properties were inherited, in May 5.052 and in June 9.374. The Instituto Nacional de Estadística, that has been collecting data since 2007, consider these facts and figures as record low. In order to quantify this precipitous drop, it suffices to say that in May 2020, 70% less property inheritances took place with regard to May 2019. However, when property registrars returned, after the confinement, to carry out their activity the opposite effect occured: the number of property inheritances increased so much that if we compare the second term of 2020 with that of 2019, the rise is of 7%. These facts and figures are very striking, especially if we take into account that in the first semester of 2020 a fall of 35%, in relation to the first semester of 2019, took place. During the second semester, 91.700 houses were inherited, being the highest figure in a second semester.

MADRID AND BARCELONA, AT THE HEAD

Our two main cities are, by far, the ones that have registered the highest increase in property inheritances during the second semester of 2020. Unfortunately, the pandemic has punished severely not only Madrid but also Barcelona. The high number of deaths in both cities has resulted in a historic increase of property inheritances. In the case of our capital city, in November 2020, a rise of 28% was registered in relation to November 2019: specifically 2.266 houses were inherited, which is the highest figure ever registered in Madrid. However, Barcelona exceeds this record because in November 2020, 2.296 houses were inherited which meant 37% more than in November 2019. It seems interesting to contrast these facts and figures with those of the months prior to the pandemic. If we go back to the month of May 2020, in Madrid 692 houses were inherited and in Barcelona 486; both figures reached a record low in the two cities.

NEW OPPORTUNITIES FOR SECOND-HAND HOUSING

If we pay attention to the year 2020 as a whole, every single autonomous community showed negative data regarding inherited real estate, because the impact of the pandemic led to falls in every region. For instance, the Basque Country and Navarra dropped -21,6% and -20,2% respectively, being at the head of the communities with the largest decline. In addition, Castilla-La Mancha and Madrid dropped -4,2% and -9,2% respectively, being the ones that have registered the least decline of all. Nevertheless, the second semester of 2020 shows a completely opposite trend; precisely in Castilla-La Mancha and Madrid there was an increase of 23,9% and 21% respectively. Therefore, these facts and figures allow us to get an idea of how inheritances have been reactivated in our country. This means that a large number of flats could go to the market in our real estate system. Because of this, new opportunities in the sale of second-hand property is expected.

Picture 01: jcomp