Spain’s Housing Supply Shrinks By 4% In A Year
According to the study, the supply of homes for sale in Spain has experienced a four per cent decrease during the third quarter of 2023 compared to the same period last year, indicating shifts in the country’s real estate landscape. The majority of Spanish provincial capitals have witnessed a decline in the availability of homes for sale, with notable reductions in Cuenca (-34 per cent) and Ávila (-30 per cent). Other cities experiencing significant decreases include Huelva, Santander, Valencia, Toledo, Soria, and Tarragona. However, nine provincial capitals have bucked this trend, with increases in housing supply. Notable cities include Córdoba and Pamplona (10 per cent increase), followed by Huesca (9 per cent), San Sebastián (8 per cent), Zaragoza (5 per cent), Cádiz (5 per cent), and Badajoz (3 per cent). Vitoria has maintained a stable housing stock over the past year. With varied dynamics among the major markets, several cities have witnessed a reduction in housing supply, such as Alicante (-15 per cent), Palma (-11 per cent), Barcelona (-10 per cent), Málaga (-3 per cent), and Madrid (-1 per cent). Conversely, Bilbao and Seville have experienced slight increases of 2 per cent and 5 per cent, respectively. At the provincial level, the situation mirrors the dynamics observed in provincial capitals. Cuenca tops the list with an 18 per cent reduction in housing supply, followed by Santa Cruz de Tenerife (-17 per cent), A Coruña (-16 per cent), and Ávila (-15 per cent). Notable decreases are also observed in Soria, Lugo, Cantabria, Segovia, Valencia, Teruel, Zamora, and Huelva (-13 per cent in each case). Egypt To Sell Real Estate In US Dollars In a bid to bolster foreign currency reserves, Egypt is contemplating a collaborative initiative with the private sector to sell real estate units in US dollars to foreigners and expatriates, as per a statement released by the Cabinet. Prime Minister Mostafa Madbouly chaired an extensive meeting with top finance and housing officials to delve into this proposed real estate initiative. The potential benefits, including the initiative’s capacity to fortify the Egyptian Exchange’s performance and invigorate domestic real estate demand, were among the key points discussed during the session. An agreement on the initiative’s terms was drafted, aiming to echo previous endeavours undertaken by the Egyptian government. Past initiatives, priory launched in 2022 and 2023, paved the way for foreigners to acquire real estate without constraints and facilitated duty-free importation of vehicles for expatriates. Egypt’s pursuit of this real estate strategy comes amidst a severe US dollar liquidity crunch, with approximately USD 20 billion exiting the local market in search of higher interest rates offered elsewhere due to tightened monetary policies.
Tags : homes for sale Mostafa Madbouly liquidity crunch Soria Lugo Cantabria Segovia Valencia Teruel Zamora Huelva