In fact, in September, according to data released by the INE (The National Statistics Institute), 57,333 homes were sold in Spain, a very good figure in absolute terms..
But it is also true that the year-on-year growth. was 6.9%, a somewhat discreet figure considering that in previous months it had been growing by more than 10%.
Central banks use interest rates as a tool to contain inflation.
Increasing interest rates also increases the interest on current loans (such as personal loans or mortgages).
This means that, with more expensive loans, many people will think about whether or not to take them out. And the number of people who say no will increase. And the number of people who say no will increase.
This is how central banks manage to reduce the overall demand for products and services (less lending = less consumption) and to cool down the economy, so that prices do not continue to rise exorbitantly.
Therefore, as a consequence of the rise in interest rates and the increase in mortgage rates, the demand for housing has been reduced in the last quarter of the year.
In contrast, everything seems to predict that in 2023 the price of housing will fall, which means that this could be a good opportunity to buy.
In fact, the available supply of homes for sale, after falling by 7% in the last year, looks set to stabilise.
Marketing times are likely to lengthen and buyers will once again have options to choose from.
So, as we say, 2023 could be a good year to buy.