Publications

Housing demand will remain solid driven by employment and immigration, while the lack of supply will raise the deficit to 800,000 units in 2027. This will cause strong price increases in a sector burdened by low profitability compared to its European peers.

August data showed a recovery in home sales and mortgage credit. Thus, after a period of regulatory uncertainty, the sector could be gaining traction. In addition, after the correction last May, construction activity recovered levels of previous months

In December, neither sales nor mortgage origination made up all the ground lost in October and November, ending the quarter with a loss. This was in a context of job creation, but lower household confidence and greater uncertainty in the sector. New housing permits rose in November after falling for three months.

Home sales grew in September, but at a slower rate. Credit approvals for home purchases nevertheless rose more in October than in previous months. Prices continue to trend upwards, but less sharply in Q3 2018. While building authorizations fell in September, the industry did continue creating jobs.

General Counsil of Notariates data reveals that 38.845 homes were sold in May, 10,9% less than in Marchafter correcting for stationarity. With this trend, in line with what was expected after the positive surprise in April, in the first five months of the year home sales grew 16,8% in regards to the same period last year.

According to the General Council of Notaries, 39,461 homes were sold in April. Seasonally adjusted, 18.7% more than in March. With this evolution, better than expected, in the first four months home sales grew 18.0% over the same period last year

In January 2016, 27.568 homes were sold according to the General Council of Notaries. After correcting the series of seasonal variations, sales experienced a growth of 20,4%, above what was expected, which translates to an interannual growth of 26,6%.