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HomeLatest NewsBare property sales soar 24%, in 8-year highs

Bare property sales soar 24%, in 8-year highs

Date: June 5, 2023 Time: 05:24:49

Sales of bare home ownership shot up 23.7% during the past year and reached their highest level in 8 years. This option has become increasingly common given the lengthening of life expectancy and allows obtaining economic resources while maintaining the use of the home.

According to the yearbook published this Tuesday by the College of Registrars and collected by Efe, in 2022 1,657 purchases and sales of bare home ownership were registered, chaining two positive years after the minimum reached in 2020 (-25.7%), coinciding with the pandemic. The registrars anticipate that bare ownership will continue to gain weight in the coming years as a way to raise funds taking into account the economic needs of the owners after retirement and that they can continue to use their home.

Foreigners trigger sales on the coast

By autonomous communities, the highest increases were for the Balearic Islands (134.4%), Extremadura (68.8%) and the Canary Islands (51.7%). Conversely, the largest adjustments occurred in the Basque Country (-48.4%) and Galicia (-18.2%).

Sales by foreigners reached the maximum in the historical series, accounting for 13.8% of the total and more than 88,000 operations, breaking with the downward trend of the last five years. 10.1% of the total home purchases made by foreigners presented an import equal to or greater than 500,000 euros and 42.3% of these purchases corresponded to non-EU nationalities. The communities most in demand by foreigners were the Balearic Islands (34.4%), the Canary Islands (28.6%), the Valencian Community (26.8%) and Murcia (19.1%).

The British predominated in the Andalusian provinces, as well as in Murcia and Alicante; the Germans in the Balearic and Canary Islands; the Chinese in Barcelona; and the Portuguese in Galicia. If the analysis focuses on the number of provinces where a specific nationality predominates, Romanians, with 20 provinces, were the foreigners with the most purchases, followed by Moroccans.

Increase the period of possession of a house

In 2022, the average period of home ownership continued to increase to 16.9 years, the maximum in the historical series, and 2.7% more than in 2021. From the minimum of 2009, 7.3 years, the average period ownership of walkable homes has increased considerably.

Considering the price, the Balearic Islands and Madrid stand out, above 300,000 euros per operation, which contrast with Castilla-La Mancha and Extremadura, below 100,000 euros. With all this, the national average was close to 190,000 euros in 2022. Regarding size, apartments with an average surface area of ​​more than 80 m2 account for 51.6% of sales.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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