All the keys to buying a house in Murcia in 2023

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Despite the fact that the sales pace was extraordinary until the summer, the Murcian market is starting to feel the situation of general economic uncertainty and everything points to a slowdown in activities for the new year

Between January and October 2022, a total of 19,071 homes have been sold in Murcia. Used homes accounted for just over 84% of activity in these first ten months of the year, while about 16% corresponded to sales related to new-build developments. Despite the fact that October is reportedly the best month of October since the property crisis of 2008, the truth is that according to the data, the property market in Murcia seems to blame the instability of recent months with the rise in property prices, mortgages and economic uncertainty as protagonists.

The data from the National Institute of Statistics points to a drop in operations that averaged -10.8% in the region as a whole between the months of October and September. However, new homes held up better, with a monthly growth of 7.25% compared to the -13.52% decline recorded by the second hand. “Until the summer, the pace of operations was extraordinary. The accumulated savings favor transactions in an attempt by citizens to protect themselves from inflation and take advantage of the extraordinary financing conditions, but the ECB’s change of position has been a turning point,” explains the Director of Pisos.com Studies, Ferrán Font.

For the connoisseur, the ongoing loss of purchasing power of Spanish households is one of the causes of the slowdown in business and causes potential buyers to: “look back on savings and postpone their decisions to buy a home”. Even the prices don’t seem to be an incentive in the region. Although Murcia (€1,111/m2) is one of the cheapest communities to buy a house in – only Extremadura (€809/m2) and Castilla La Mancha (€848/m2) are cheaper – the annual growth is an increase of the value of second-hand housing by 4.96%. According to the annual price report of pisos.com, the increase is even stronger in the capital (€ 1,347/m2) where the increase amounts to 10.29%.

Knowing with certainty what future the Murcian real estate market will have in 2023 is complicated. In terms of prices, for example, the experts rule out a deep setback, because, as Font himself explains, “the housing market has just bottomed out after the 2008 collapse. It is clear that there are micromarkets where the counterweights are not calibrated, but the distance to the maximum means that the market is reasonably proportionate, which is why a fork of at least -1% is envisaged for 2023 if inflation needs time to come under control and a maximum of 3% if the scenario improves from the spring.

Sales, for their part, are already beginning to show signs of a certain tendency to contraction in the number of operations. “The wallets of the Spaniards will flee from the big payouts this winter,” says Font, adding: “The purchases will be much more thoughtful not to increase effort rates to levels that are difficult to manage, but at the same time they will at least be out the hand of an offer that will also be more restrained ».

Analysts also point to the rise in mortgage prices as one of the factors that will determine the pace of the market next year. The rise in interest rates, as well as entities’ commitment to variable rate mortgages over fixed rate mortgages, will be noticed during the next fiscal year, inviting buyers to wait and save to reduce their exposure.

Either way, “the shift in funding is going to expose old formulas that the industry keeps returning to in tough times, such as leases with an option to buy and the cession in use for litigation and bare ownership and reverse mortgage for supply,” predicts Font, who points out: “Although the figures will show a cooling, the real estate sector is perfectly capable of adapting to the situation”.

Source: La Verdad

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