HE housing market continue red numbers In the province of Alicante. With fourth month in a rowData from the National Institute of Statistics show that there was a new decline in housing sales in October. increase in mortgage pricesPreventing buyers with low purchasing power from accessing necessary financing and slowing down economic situationIt halted many purchasing decisions.
October ended like this 3,795 operationsso one 11% decrease higher than those recorded in the same period last year. It is a slightly more moderate, but equally significant, decline than the decline recorded in September, when the decline in sales reached 17.5%. First of all because of what it has confirmation of trend change It turns out that the industry has been buoyant throughout Spain since the beginning of the year and, in the case of Alicante, it has taken slightly longer to arrive due to the preponderance of international buyers who are more resilient.
In this sense, the contraction in October is already in line with the contraction experienced all over the world. Spanish real estate market, this too was withdrawn 11.1% in October, According to data collected by INE from the Property Register, a total of 45,903 transactions were carried out.
Moreover, the decline in recent months has already consumed the entire increase in sales This practice, which was registered in the state in the early stages of the exercise, is now being implemented. in negative territory. Thus, the total number of houses sold between January and October was 42,320; This represents 130 fewer transactions compared to the same period in 2022.
Second hand
The slowdown in real estate, as usual, was felt much more intensely in the second-hand housing segment, which is also the most affordable and therefore the most affected by the increase in loan costs, directed by buyers with low purchasing power. Like this 3,259 second-hand homes sold in October indicate a 12% decrease compared to last year.
By contrast, sales of new construction homes fell by only 3.4%. This is explained, on the one hand, by the fact that the lack of supply means that practically everything that is being built continues to be sold – in fact the total number of new homes sold was only 536 in October; real estate market – and on the other hand, because most of these are houses sold off-plan more than a year ago, when the effects of the economic slowdown were not yet so pronounced.
However, the main real estate portals emphasized that despite the decline compared to last year, 2023 will end with a significant number of home sales, which will probably be the second best year for the sector since the burst of the bubble. Therefore, both Idealista and Fotocasa believe that the market will tend to stabilize once the current “step effect” is overcome. That is, when the numbers are stopped being compared to 2022, which they see as an exceptional year for the market.