2023-10-15 03:56:10
It was a matter of time and in the end the Property Registry’s forecast has been fulfilled, predicting that the “intensification” in the rise of the Euribor would lead to “continuity” in the downward trend in mortgage activity. August breaks the trend and, for the first time in a long time, more than half of the homes were bought in cash. Of the 2,267 home sales recorded in the autonomy in August, a total of 1,056 were carried out through a mortgage and 1,211 were paid ‘tocateja’, which represents 53.4 percent.
The rate increase decided by the European Central Bank (ECB) in recent months to control inflation in the euro zone, to the point of placing credit at 4.5 percent, has caused a reduction in mortgage activity. Not in vain, the purchase of houses with a mortgage loan had decreased, continuously, so far in 2023.
The Real Estate Registry Statistics, prepared by the College of Registrars and collected by the Ical Agency, already showed that in the second quarter of 2023, 6,859 home sales were formalized in Castilla y León, of which 3,911 were through a mortgage, which which represented 57 percent compared to 61.6 percent for Spain as a whole. In the same period of 2022, operations in the Community were very similar (6,905) but, on the other hand, mortgages exceeded 5,000 (5,008). Therefore, Castilians and Leonese went from mortgaging 72.5 percent of home purchases to 57 percent. That is, 15.5 percentage points less in just one year. A drop that was 4.4 points above the national average and that was the fourth largest of the communities as a whole, only surpassed by La Rioja (22.2 points), Extremadura (17.8) and Catalonia (17.2 points).
Last July, the percentage of houses purchased in cash stood at 45 percent, two points more than what was recorded in the period between April and June. And, now in August, the latest data available from property registrars shoots up to 53.4 percent. That is, an increase of almost 8.5 points in a single month.
Castilla y León is one of the four autonomous communities where homes purchased in cash in August were above those mortgaged, only surpassed by the Valencian Community (65 percent), Cantabria (61 percent) and La Rioja (58 percent). .5 percent). Furthermore, in the first two cases, such a high percentage may be due to the purchase of second homes in coastal locations or even by foreigners. At the national level, it remained at 41.8 percent, five points more than a year before.
Data that is related to the rate hikes in the last two years.
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