Sharp drop in the number of real estate deeds in January

It took a while, but the tight housing market is now clearly visible in the notarial profession. For the first time in a long time, notaries executed significantly fewer real estate deeds in January. In total, notaries executed just over 146,000 deeds in January, over 10,000 fewer than in the same month last year. A decrease of 6.6 percent.

The decline was entirely due to real estate practices. For example, the number of transfer deeds decreased by a whopping 23 percent compared to the first month of last year. The number of mortgages also fell sharply this month, from over 39,000 in January 2021 to just under 35,000 this year. A decrease of 11 percent.

Family practice on the rise
However, family law deeds continue to perform well. For example, the number of living wills increased by over 21 percent compared to a year ago, from 12,190 to 14,802. The number of wills rose by over 4 percent, from 23,097 to 24,088. In corporate law, the number of deeds this month is stable compared to last January; this year just over 10,000 deeds, and in January 2021 just under 10,000 deeds.

Expectations
The expectations of civil-law notaries who participated in the KNB's monthly caseload survey show that the trend revealed by the January figures continues for the time being. Sixty percent of respondents report a decrease in new cases in real estate, while for almost 36 percent, this number has remained the same. Nearly 27 percent note a decrease of less than 10 percent, nearly 24 percent a decrease of 10 to 25 percent, and approximately 10 percent a decrease of 25 to 50 percent. In family practice, almost 29 percent report an increase in new cases, while for over 64 percent, this number has remained the same. In corporate practice, over 21 percent report an increase in new cases, but over 17 percent note a decrease.