in highs it hits the mortgaged of the Balearic Islands

2023-05-02 12:35:33

New blow for the variable rate mortgages of baleares. He Euribor it has closed the month of April at maximums, specifically at 3.757%; although on the 25th of that month it reached 3.9%. A year ago, the aforementioned indicator was already positive, but close to 0; specifically in 0.013%; since then climbing has been very important. Pau A. Monserrat, member of the CES, professor at the UIB and economist at FuturFinances.com, has calculated that this translates into a monthly increase in the mortgage payment of 441 euros, that is, 5,292 euros per year.

Monserrat has taken as reference that the capital hired in a average mortgage on housing in the Islands was 240,323 euros. In the case of a mortgage contracted last year, with a nominal variable rate of Euribor + 1%, the monthly receipt of the loan will go from 940 euros to 1,381 euros.

At the national level, the rise is less, because the average amount of mortgages is smaller. Thus, a median monthly fee of 561 euros will pay 824 euros; It is about 263 euros more per month, which translates into 3,156 additional euros per year.

Monserrat has once again revealed the extra cost of insularity. «A resident in the Balearic Islands ends up paying, for the revision of his variable mortgage with the Euribor of April 2023, 178 euros per month more than the Spanish average. In annual terms it is 2,136 euros more », he highlighted.

Fewer and more expensive mortgages

The rise in the Euribor has a direct impact on the real-estate market. In this way, last February 849 mortgages were established in the Balearic Archipelago; This is 3% less than in January and 7.3% less than the same period of the previous year. The aforementioned economist has also highlighted that the capital contracted in an average home mortgage has increased; It was exactly 240,323 euros, 14.4% over the previous year. “This is the result of the increase in real estate prices in our Islands,” he argued.