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Date Published: 21/11/2022

ARCHIVED - Murcia Region registers biggest September rise in house sales since 2008

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The real estate market has begun to slow down in the Region of Murcia but the property sector is still going strong

<span style='color:#780948'>ARCHIVED</span> - Murcia Region registers biggest September rise in house sales since 2008

House sales have begun to slow down a little in Murcia this autumn but the Region still registered its most profitable September since the real estate bubble burst with the crash in 2008. A total of 2,000 homes were purchased in the ninth month of the year, representing a positive 3.7% year-on-year rise.

However, with the country returning to normality after the coronavirus pandemic, the Murcia Region still performed well below the national average of 6.9%.

Data published by the National Institute of Statistics (INE) on Friday November 18 show that only four communities in all of Spain registered fewer property sales in September than the same time last year and of those who increased, the market in Murcia actually grew the least.

Despite this it’s been a booming 2022 for the Region’s real estate sector, and growth remained in the double digits all through the summer. In fact, house sales increased by a staggering 30% in June compared to 2021.

Global fears that interest rates are about to explode are the likely driving force behind the sector’s improvement in Spain, and although the market is definitely showing signs of a slow down, September was, overall, the best seen since 2007.

Even so, the number of houses sold in September was very close to the number registered in August, when operations grew at a rate of 15%, a sure sign, according to the experts, that the growth may have been exhausted for this year.

The forecasts predict that rising interest rates, coupled with crippling inflation, will halt this upward trend although most don’t believe that a real estate crash is imminent.

On the contrary, Pisos.com experts anticipated that the year would end with 620,000 units sold, slightly below the 660,000 expected at the beginning of the year, but a figure more than enough to avoid fears of market stagnation.

Now read: The cheapest and most expensive places to buy property in Cartagena

Image: Pixabay

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