Housing Protection Officer

August 31, 2016

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Housing official protection after recognizing the overvaluation of house prices the Bank of Spain says that the more to inflate this bubble greater the risk that the necessary adjustment occurs in a more abrupt manner than is desirable’. As result, Minister Rato admitted political responsibilities by the escalation of prices of real estate. What contribution these new information? Firstly, the Monetary Authority in the oversize insistence on prices and the real estate stock quantity. Secondly, the risk that, for economic stability, adds the current upturn in the urbanisation phenomenon which is spreading unchecked through the territory, causing excess of cranes and the scarcity of trees today offer a surreal landscape unique in Europe. Thirdly, that the Government recognizes to have in their hands a hot potato of enormous proportions that, paradoxically, himself has fueled by real estate sector the main national industry. Of the housing must official protection cannot be neither buy or sell today. The abolition of the deduction for purchase of residence as of January 1, 2011 for income exceeding 24,000 euros and the increase in VAT in July 2010 have resulted in an increase in the sale of homes the past year, after the consecutive declines from 2007 (- 12.4%), 2008 (- 32.6%) and 2009 (- 17.8%). In the fourth quarter of 2010, a total of 150.268 homes, were sold, representing an increase of 14.2% versus the same period of 2009. In terms of the typology of the homes sold in 2010, 199.803 correspond to new work, which represents 40.7 per cent of the total number of transactions and 291.528, 59.3%, used housing.