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Housing Sales Soar 83.7% in March as Prices Adjust by 4.7%

According to the General Council of Notaries, mortality increased by 75.5% year-on-year, a one-off because of the comparison with the beginning of the pandemic in March 2020.

Obras de viviendas de Aedas Homes en San Sebastián de los Reyes Madrid

The market is gradually recovering from the pandemic and its associated lockdowns, although the year-on-year growth reported by notaries and released on Thursday should be viewed cautiously.

Compared with March 2020, the month in which the pandemic broke out and the lockdown began, meant the closure of companies in the sector, the paralysis of works and the reduction of activity to a minimum by registrars and notaries.

According to the General Council of Notaries, 59,692 home sales were concluded in March, 83.7% more than in the same month last year, and 32,430 mortgages were formalised, 75.5% more than in the same month the previous year. “The increase is due to the low number of operations that were carried out in March 2020 as a result of the outbreak of the Covid-19 pandemic,″ say the notaries in a statement.

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