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Spain July house sales hit highest level in 13 years By Reuters


© Reuters. FILEPHOTO: On June 19, 2019, a man walks by a sign that says “Properties available and parking available”. This sign is located on the wall at an apartment complex in Madrid. REUTERS/Susana Vera

MADRID (Reuters) – Spain registered its highest number of house sales in over 13 years in July, data published on Wednesday showed, as pent-up pandemic demand, increased household savings and new living priorities spurred a buying spree.

The National Statistics Institute figures show that around 50,200 homes sold in July. That’s 53% more than what was recorded in the same month last year.

The July sales numbers were 4.4% higher than the pre-pandemic level and reached the same pace as during Spain’s disastrous real estate boom of 2008 (April alone, 55,000 houses sold).

Maria Matos of Fotocasa stated that “if you compare the same month in 2019 the evolution is positive…which confirms we’ve not just surpassed prepandemic figures but also reentered the big upwards trends in house sales initiated last year.”

Matos stated that sales of newly constructed homes increased by 40% over July 2020. The reason for this was the enthusiasm for outdoor spaces like pools and terraces. It also allowed more people to move into bigger houses in the suburbs.

The rate at which homes are passed to their heirs continues to rise, a sign that coronavirus has had a more severe impact. This figure, one-fifth of all homes on sale at the time, was up 20% year-over-year. It is indicative of the rise in mortality caused by the pandemic.

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