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Date Published: 14/06/2022
ARCHIVED - Alicante house sales go through the roof and hit a 14-year high
More than 3,000 properties were sold in Alicante province in April - the highest for this particular month since 2008
House sales in Alicante province continue to soar with the sector enjoying its most successful April since 2008 with 3,098 transactions - up 26% on the same month in 2021.
The industry remains buoyant, although the rate of growth is beginning to slow down due to inflation and the increasing uncertainty over economic developments, according to data from the Spanish Statistical Office (INE) published on Monday June 13.
Although a year-on-year leap in April sales of more than a quarter is considerable and significant, it represents a "slowdown compared to previous months" as the first quarter closed with an average increase in transactions of more than 55%, whereas the rise had reached 69% in March.
"The perception we have is that there is beginning to be a certain slowdown, a moderation of the strong growth of previous months due, above all, to the consequences of inflation and because the economic situation is no longer so clear. There is a lot of uncertainty," explained the president of the Association of Real Estate Agents (API) of Alicante, Marifé Esteso.
Sales to national and local buyers are showing "a little more retraction" whilst sales to foreigners continue to grow, he added.
The second-hand market remains the most dominant, accounting for 86% of the market share but sector experts are warning that the "stock of homes on the market continues to dwindle".
Despite a pick-up in recent years, the construction of new housing has remained at very low levels compared to before the Spanish housing bubble burst (2008-2015) which has meant that most of the demand has been diverted to used housing.
The trend is reflected in the INE data for April when only 428 house sales were new builds, barely 13% of the total; second-hand homes accounted for 2,670 transactions, the remaining 87%.
Looking at the bigger picture, in the first four months of 2022, 15,261 transactions were formalised in Alicante compared to 10,344 last year, which represents an increase of 47.5%.
Of these, 1,990 were new-build properties (+13% on 2021) and 13,271 were used homes (+54.6%).
The growth has been attributed to the "pent-up demand", savings made during the pandemic, the desire to buy before prices rise further and the fact investors are "betting on bricks and mortar as a refuge from inflation", claims the API Association.
"In recent months there has been an increase in the number of people buying with the subsequent intention of putting the property on the rental market. In Alicante, the demand for flats is still higher than the supply. If you put a flat on the market in good condition, it is likely to be rented within a day," added the API president.
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