The Real Estate Market Context
Over the last year, home buying and selling and mortgage lending experienced a significant decline. 586,913 residential properties were sold and 381,560 loans were granted, marking the first annual declines since 2020, the year of the outbreak of the covid pandemic.
Market dynamism
Despite the year-on-year drop, the market continues to demonstrate dynamism. The number of sales in 2023 marked its third best record in the historical series, surpassed only by 2007 and 2022, while the number of mortgages granted is the seventh highest since 2007.
Analysis of Mortgage Sales and Grants
Home sales in the last 12 months are 25% above the average since 2007, while mortgage lending is 14.35% below. The fall in sales is concentrated in second-hand housing, which fell back in 2023 by 10.8%, while brand new housing, with a lower share, only fell by 4.8%.
Future perspective
Despite the declines, the real estate market maintains a certain stability. It is important to observe how the trends of recent years can influence the future of the sector, especially in relation to the demand for new and used housing, as well as in the granting of mortgages.