Follow real estate market crash Alicante rise interest ratesMany young, low-wage couples have limited access to finance and uncertainty This situation, which hit the economy, caused a new contraction in housing sales last November. Fifth consecutive decline of this indicator.
Moreover, it is a situation where everything shows that will continue in the coming monthsAs long as Euribor does not drop too much and families start to regain the purchasing power they have lost in the last two years due to inflation. Added to this is the problem real estate shortage It is available on the market at adequate prices, as the main real estate portals emphasized this Friday.
Currently, according to data from the National Institute of Statistics, 4,004 houses were sold in the province in November. 12% less than in the same month in 2022, which represents a certain acceleration of this decline, since the decline in October was 11%.
But in addition, this data means that the year’s accumulated figure also enters negative groundSince 5 consecutive months of decline canceled the growth recorded in the first half of the yearAlso like many other economic indicators. The latest example of this is the export figures released this week, which, after a positive start to the year, have fallen since last summer.
In this way, the total number of housing transactions recorded in the Land Registry of the province was reached. Between January and November the 46,324, 1.4% less compared to the same period last year.
Big decrease in used houses
According to real estate type, The decline in sales concentrated in second-hand homesIt currently accounts for over 85% of the market. 3,418 operations were formalized in November, a decrease of 14.7%. On the contrary, the number of new construction homes increased by 9.9%, with a total of 586 operations.
In this regard, it is worth remembering that it is the second-hand market that intensifies the demand. citizens with a more limited incomeThese are what are seen expelled from the market with increasing rates. With higher interest rates, monthly payments are also higher; That means lower earners no longer meet the maximum debt ratio of 35% of income that banks impose to authorize mortgage loans.
Moreover, it is also second hand Reflects market changes faster. It is not for nothing that the information INE collects comes from houses with title deeds. new construction corresponds to properties currently delivered, but They were sold off-plan, usually more than a year ago.
national market
Compared to the rest of the country, Alicante maintains a slightly better than average. The decline nationally reached 15.1% in November – three percentage points higher than that in the state – and on top of that there is already a ten-month-long contraction recorded across the country, where the industry slowdown largely began. earlier . The interest of the foreign public in Alicante delayed the cooling down.
Despite these figures, leading real estate portals reminded this Friday that the transaction volume was quite high despite these declines. So from Idealista they state: 2023 will end as the second best year For the industry since the burst of the bubble at the national level. This is an issue that Fotocasa also maintains.
The General Council of Real Estate Brokers Colleges also sees no cause for concern, but they acknowledge that the downward trend is still ongoing. It will take a few more months Until the market stabilizes.
In this sense, experts say that, beyond the decrease in demand, another problem that causes this decrease in activities is decrease in available supplyafter two exceptional years in terms of sales. An offer that adapts to the current needs of buyers, at least in terms of features, location and price of the house.