The purchase of housing resumes the increases with an increase of 1.1% in May
The housing market picked up again in May after the April braking and a few weeks before the new mortgage law came into effect. The sale of vivi
The housing market picked up again in May after the April braking and a few weeks before the new mortgage law came into effect. The sale of homes rose by 1.1% in the fifth month of the year compared to the same period of 2018, compared to the fall of 3.1% the previous month, reaching a total of 47,558 operations, according to the data released this Friday by the National Institute of Statistics (INE).
The market thus takes up the line of moderate increases that has been drawing since the beginning of 2019, in line with the stabilization to which the sector tends after two previous years of notable increases. However, so far this year, housing transactions accumulate an advance of 1.8%.
In monthly terms, transactions increased by 15.9%, their biggest rebound in a month of May since 2017.
The new Real Estate Credit Law establishes, among other things, that entities and not clients assume almost all of the expenses of setting up a mortgage loan. Some experts believe that banks could end up transferring this increase in costs to the credit granted, thus causing an increase in the final mortgage. Given this situation, real estate agents, consumers, notaries and the banks themselves detected in the weeks prior to its entry into force a greater activity in the signing of mortgage contracts, although there is still a temporary perspective to establish a relationship between both aspects.
Pending that, what the data show is that the sales of both new homes (+ 0.8% in year-on-year comparison) and used (+ 1.1%) and both free (+ 0.9%) continue to grow. ) as protected (+ 3.2%).
By regions, the Communities that presented in May the largest annual increases in the number of home sales were the Principality of Asturias (41%), Cantabria (19.6%) and Castilla y León (14.1%). On the other hand, the Autonomous Community of Navarra (-17.7%), La Rioja (-15%) and the Canary Islands (-11.2%) registered the most negative annual variation rates in May.
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