El precio de la vivienda subirá entre un 1,5% y un 2,5% este año

House prices will rise between 1.5% and 2.5% this year
Home sales reached 151,983 between April and June, a decrease of 5.6% quarter-on-quarter and 7.3% year-on-year

The price of home purchases grew between April and June 2023 by 3% compared to the previous quarter and 1.1% compared to the same period of the previous year, according to Solvia's II Solvia Market View 2023 study.

The real estate services firm for individuals explains that after several months of slowdown in increases, home purchase and sale prices resumed their upward trend in the second quarter of the year, although transactions registered a new decline.

Specifically, from April to June, 151,983 purchases and sales were recorded, which represents a decrease of 5.6% compared to the previous quarter, while, compared to the same period in 2022, the volume of operations fell by 7.3%.

In the case of new housing, they increased by 3.1% compared to the same period of the previous year, unlike used housing, which fell by 9.4%.

The firm explains that despite the decrease in the number of transactions, these remained at high levels, something to which the purchase of housing by foreigners has contributed. Specifically, in the second quarter, almost 15% of transactions were carried out by this group, a percentage that is approaching record levels.

"As we advance from Solvia, the current year will be one of 'stabilization' for the 'Real Estate' sector. Factors such as the increase in prices or the increase in the cost of money have their logical consequence in an adjustment in the number of registered operations ", says Solvia's Business Director, Ernesto Ferrer-Bonsoms.

"However, activity levels remain high, above the figures reached in the years prior to the pandemic. In this sense, our forecast is that the current year will close slightly below 600,000 transactions, compared to the more than 640,000 in 2022", concludes Ferrer-Bonsoms.

Solvia also expects that the price of residential real estate will consolidate its growth, and according to its forecasts, the year will end with an increase of between 1.5% and 2.5% year-on-year.