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Inflation, Interest Rate Hikes and Limited Stock Fail to Curb House Sales: Up by 13% in 2022

According to the III Solvia Market Review 2022, this year will close with close to 640,000 house sales, up by just over 13% compared to 2021.

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Despite current (high) inflation, the progressive rises in interest rates and the lack of housing stock, house sales continued apace during the third quarter. According to the III Solvia Market Review 2022, this year will close with a transaction volume of close to 640,000 operations, a figure that is just over 13% higher than that recorded in 2021 (564,569). Looking ahead to 2023, Solvia forecasts a change in the trend and a possible “downturn” with around 580,000 sales during the year. Some levels, however, will continue to be higher than the figures recorded prior to the pandemic.

During Q3 2022, the number of transactions increased by 8.9% year-on-year and by 2.4% in quarterly terms, according to the report compiled by Solvia, which corresponds to the period comprising July, August and September. By type of housing, the new build segment, with a QoQ increase of 2.6% outperformed the second-hand segment, which rose by 2.4%, in line with the national average. In year-on-year terms, new build sales fell by 2.8%, as a result of the decrease in the supply of this type of home compared to a year ago, and second-hand house sales increased by 11.7%.

Read the full article in Spanish.

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