Biscay Daily Sales Record - 35 trades per day in September

Biscay Daily Sales Record - 35 trades per day in September

The real estate market appears to have overcome the effects of the pandemic and is showing clear signs of a robust recovery. According to the National Institute of Statistics (INE), the ratio of sales transactions in September set a record in September, which was last recorded in the market during the brick crisis, when the collapse of the economy caused a fall of more than 50% in both constructions and real estate sales.

The figures increased by 40.6% in Spain, but most of all in the Basque Country (55.8%), where Biscay stands out: two months ago, there were registered an average of 35 transactions per day, for a total of 1,028, an increase of 67% more than last year. However, above all, the monthly maximum, which has not been observed since at least 2007.

Gipuzkoa grew less - by 56% (661 transactions), but two times more than Alava, where the market understood only 23% (267 sales).

José Manuel Gonzalez, President of the Official Association of Real Estate Agents of Biscay, believes this recovery is based on many factors. Among them is a stock of unsold housing from last year that is “now on the market”, although it also points to the recent repeal of Section 28 of the Mortgage Law, which allows an inherited house to be sold without having to wait for two years for an “heir” to emerge. According to Hosse, “The changes took effect on September 3, and some deals could be delayed to sell the property faster.”

In his opinion, this growth is also facilitated by a change in the buyer’s profile. In connection with the pandemic, many have realized the need to change apartments. Those who can afford it are taking advantage of the situation to sell their current housing, investing in it, and buying more spacious, guaranteeing a better quality of life.

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