Friday, 5 April 2024, 09:39
The common mortgage taken out in Malaga province in January reached 194,722 euros, 14.27% greater than in the identical month final 12 months when it was round 170,400 euros. This makes it the second highest common mortgage lending whole in Spain, the Balearic Islands taking high spot at 207,110 euros. Still, Malaga has managed to shut the hole with these islands, largely as a result of the typical mortgage within the Balearics has fallen by 21% – a 12 months in the past it was over 262,000 euros. So, one 12 months in the past the typical mortgage in Malaga was 35% decrease than within the Balearic Islands, however now the hole is simply over 5%.
With the 14% improve within the quantity of the typical mortgage taken up within the province, Malaga is the fifth space within the nation the place it has risen essentially the most, behind Cáceres (up 27.5% to 108,000 euros); Cuenca (up 21.5% to 91,900 euros); Las Palmas (up 21.27% to 118,800 euros); and Melilla (up 18.35% to 154,000 euros).
138,148
euros
is the typical mortgage quantity taken out in Spain final January, 2.7% decrease than final 12 months.
However, throughout Spain usually the typical mortgage quantity has fallen by 2.7% within the final 12 months, from almost 142,000 euros to simply over 138,000 euros.
Fewer mortgages, regular gross sales
This improve within the common mortgage quantity borrowed in Malaga has come about regardless of the discount within the variety of housing loans taken out within the province. According to recent figures revealed by Spain’s nationwide statistics institute (INE), within the first month of this 12 months 1,544 mortgages had been contracted in Malaga, which represents a lower of 17% in comparison with the 1,862 in the identical month final 12 months. That determine in flip was 12% decrease than that of January 2022. This implies that fewer however bigger mortgages are being agreed.
The first month of 2024 is the bottom determine for mortgage signings because the identical month in 2021, when 1,252 home loans had been concluded. But it is extremely much like 2018 figures and is above people who had been widespread in the course of the final decade – various between 1,100 and 1,200 loans per thirty days. It is, nonetheless, a far cry from these of 2006, 2007 and 2008, when there have been greater than 4,000 and even 5,000 mortgages taken out each month.
This 17% fall within the variety of mortgages for Malaga is extra dramatic than for Spain as a complete, the place the drop was 10%, from almost 37,000 in January 2023 to 33,128 in January 2024.
While the variety of mortgages falls, the INE report additionally revealed that the variety of property gross sales and purchases stays the identical: the three,245 actual property transactions recorded within the first month of this 12 months are a pair greater than the three,243 in January 2023. Meanwhile, in Spain as a complete, gross sales fell by 2% year-on-year, from almost 55,500 to 54,346.
52%
of properties purchased in January had been paid for in money
For the primary time since January 2014, the variety of properties bought to money patrons exceeded the quantity financed with mortgages.
The fall in mortgage signings whereas property gross sales stay regular can solely imply one factor: a rise within the variety of properties purchased for money in Malaga province. The determine of three,245 properties bought in January contrasts starkly with the 1,544 mortgages signed for in the identical month. This implies that 47.5% of purchases had been financed in comparison with greater than 52% paid in money. A 12 months earlier, nonetheless, 57% of purchases had been financed and 43% had been in money. For the primary time since 2014 the variety of properties purchased for money exceeds the variety of these bought by mortgage. The 12 months by which the best proportion of purchases required financial institution financing was 2020: in January of that 12 months, mortgages accounted for 73% of all property purchases.
What is occurring within the nation as a complete? Around 61% of gross sales had been financed with mortgages final January, in contrast with 39% paid in money. A 12 months earlier, 67% of properties had been paid for utilizing a mortgage mortgage, in contrast with 33% paid in money. In 2020, the 12 months of highest mortgage financing, solely 14% of homes in Spain had been paid for in money.
