The purchase of housing takes off

The purchase of housing takes off

After the impact of COVID-19, the purchase of housing takes off and has the best figure since 2007. The facts and figures shown, some weeks ago, by Instituto Nacional de Estadística (INE), indicate that the purchase of housing, the past month of March, increased 32,4% in the interannual rate compared to March 2020, which represents the highest increase since the year 2007. Nevertheless, we must bear in mind that, with the irruption of the pandemic, the activity was paralyzed and this explains why after its reactivation such an excessive growth has taken place. In any case, in Spain the past month of March, 47.332 deals were closed being the highest figure since July 2019. These very important facts and figures reveal that property purchase and sales once more gain weight in Spain after having gone through some very difficult months (indeed, we must not forget that during January and February of this year property sales experienced setbacks). Thus far, in the first term of the year there has been an increase of 1,9% regarding property sales. It is expected that this data will improve as time goes by and the process of vaccination makes progress throughout the world.


We can state that new housing is the main driving force of property purchase and sales in Spain because the deals that took place regarding new housing increased to nothing less than 52,6%. The total number of sales amounted to 10.149 which is the highest figure since July 2014. As regards second-hand housing, the number of sales increased up to 27,8% (in all 37.138 deals were closed). If we take a look at the increase that has taken place from February to March then we see that property sales increased 9,6%, which is the highest increase in four years. If we try to find an explanation to these facts and figures then we quote that many experts draw attention to the growth of the savings capacity of many Spanish families during the confinement. The impossibility of travelling and, in many cases, of consuming has allowed for savings and this has, in turn, boosted the purchase of housing. Experts estimate that in spite of the hard blow caused by this health crisis, real estate has withstood better now than during the 2008 crisis. This will lead to accelerate the recovery process.

The purchase of housing takes off


If we analyze the facts and figures shown by the Instituto Nacional de Estadística regarding the different autonomous communities, then we see that Andalusia carried out the highest number of sales during March, with a total number of 9.043 deals. After comes Catalonia with 8.105 sales, then the Community of Madrid with 7.496, and next the Community of Valencia with 6.124 sales. The only Spanish community with negative numbers regarding property sales last March were the Balearic Islands with a drop of 3%. As for the highest annual increase, Madrid comes top of the list (59,2%), next Cantabria (56,9%), then La Rioja (55,6%), and lastly Asturias (52,4%). The lowest increase, 2,7%, took place in the Canary Islands.

Fotografía 02: jcomp

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