• It advanced 0.5%. GDP slows and Spain reduces its growth to 2014 levels

The real estate market, like the economy as a whole, is cooling. The National Statistics Institute (INE) has confirmed today that the sale of homes fell by 9% last June in relation to the same month of 2018, to add 40,961 operations. This data is already remarkable, but there is another that, probably, illustrates even better the current situation of the brick: in monthly terms, that is, between the sixth and fifth month of the year, there was a collapse of 13.9%, what which is the worst data in a month of June in the last five years .

In addition, the data published today by Statistics is added to what the General Council of Notaries made public yesterday, and according to which the internal collapse in June was not 9% estimated by the INE but 18.9% . Specifically, this agency estimates that there were 46,527 transactions in June, and that in seasonally adjusted terms the data represents a 15.6% drop.

The data, in any case, show the complex situation of the sector, something that was also warned yesterday by the head of Idealist Studies, Fernando Encinar. In his opinion, "the falls in the number of sales and mortgages constituted are a reflection of several circumstances: on the one hand, many mortgages with the new legislation had to be delayed to adapt to the demands of the same while many others were advanced to dodge that new regulatory framework , "he explains in relation to the new regulations introduced by the Government.

But in addition, Encinar underlines " the political uncertainty " that Spain has been suffering for more than three months "is making a dent in the data of the real estate and mortgage market, and this situation can continue for as many months as it takes to establish a Government." Right now, it seems unlikely that Pedro Sánchez will be invested in September, so the most likely scenario is that of new elections that would take place in November. In this way, we would have to wait until the end of this year or the beginning of the next to have a new Executive.

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  • Mortgages
  • living place

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