The real estate market is continuing on its slow but steady recovery. In the second quarter of this year, housing prices rose 5.1% year on year, bringing them back to exactly the same level as before the crisis, according to data from the Colegio de Registradores de la Propiedad.
This rebound in prices, 2.8% from the first to the second quarter of the year, was accompanied by an increase in the number of properties purchased, which also posted strong year-on-year growth at 11%. Therefore, between April and June, property registries saw 87,187 housing transactions, for the second best quarterly results in the past two years.
It is good that this recovery in the real estate market, in particular in terms of housing prices, is coming at a slow but steady pace. This will allow the market to consolidate high levels of demand, getting rid of the stock of new housing still waiting to be sold while also absorbing newly built units.
Andalusia (with 17,751 operations), followed by Catalonia (13,228) and the Valencian Community (12,760), registered the most sales last quarter. Demand for housing is also recovering among foreigners. The number of housing units purchased by this sector made up 12.2% of the total between January and March and 12.8% in the second quarter.
Likewise, another indicator that reflects the recovery of the real estate market is the decrease in foreclosures due to missed payment, down 4.8% compared to the first quarter and 11.1% from last year.
SOURCES Cinco Días
