June 20th, 2024 | 9:57

Bizkaia

The housing purchase and sale market in Bizkaia loses liquidity

Mairenis Gomez

May 17, 2024 | 1:00 p.m.

The sale and purchase of homes in the Basque Country has experienced a drastic drop of 25,9% in March

According to data provided by the National Institute of Statistics (INE), the sale and purchase of homes in Euskadi has registered a drop of 25,9% compared to the same month of the previous year, with only 1.500 homes sold. This decline is part of a broader trend observed throughout the country, where the sale of houses has decreased by 19,3%.

Additionally, the reduction in real estate market activity can be attributed to several factors, including economic uncertainties and fluctuations in the labor market. The situation in Euskadi is particularly significant, given that the region has experienced a more pronounced fall compared to the national average.

Detailed data on the real estate market in the Basque Country in March

During the month of March, A total of 7.231 properties of all types were transferred in Euskadi. Of these, 2.967 were homes, 2.827 other urban properties such as offices, garages and storage rooms, and 125 plots. In addition, 1.312 rural properties were registered. Among the 2.967 homes transmitted, 1.500 were sold, while 890 were transmitted by inheritance, 55 by donation, 8 by exchange and another 514 through other types of transactions. These data highlight the diversity of real estate transactions in the region and show that buying and selling is not the only means of transferring property.

The decrease in home sales not only affects buyers and sellers, but also real estate agents, notaries and other professionals in the sector. Furthermore, this situation may have repercussions on the local economy.. Since the real estate sector is a crucial component for economic growth and job creation.

The sale and purchase of homes in the Basque Country has experienced a drastic drop of 25,9% in March

Factors that could be influencing the fall in home sales in the Basque Country

It is possible that several factors are contributing to this decline in home sales. Among them, the economic uncertainty derived from the global and local situation, the increase in interest rates that makes mortgages more expensive and financial restrictions. that make it difficult to access credit for the purchase of a home. Additionally, inflation and rising construction material prices could be affecting the market. Making both buying and selling homes less attractive.

Ultimately, The situation of the real estate market in Euskadi reflects a worrying trend that requires attention from both the authorities and actors in the sector. It is essential to analyze the causes of this decline and look for solutions that can revitalize the market and offer stability to the citizens of the town of Bilbao and the province of Bizkaia. With a focus on creating policies that encourage investment and facilitate access to housing. This negative trend could be countered and a more dynamic and healthy real estate market promoted in the region.

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