The pace of real estate sales was slower in the first half of this year compared to the same period in 2022, decreasing from 1.9% to 0.5%. However, future expectations increased to 48% due to the amount of construction work.
The situation of the real estate sector is presented by the National Statistics Office (ONE) in its most recent Building Supply Registry (ROE), which includes an evaluation of the areas under construction, as well as the supply and demand of units under construction, finished, and reserved, according to their purpose of use in the metropolitan region.
The ONE specifies that the slowdown was accentuated in completed housing units that have been on the market for more than three months. To measure this, the report indicates that the number of ready units with approximately 90 days available is taken into account compared to those with immediate supply. “The higher the ratio, the slower the sales velocity,” it notes.
The document indicates that 76.4% of the areas suitable for construction are under construction, 20.7% were halted until June, 1.7% were registered in construction plans, and only 1.1% had been completed.
The number of square meters under construction was 5,577,857.6, of which 82.7% is allocated for housing, 6.5% for commerce, 3.5% for education, 2.7% for health, and the rest is distributed for other activities.
