2023-07-22 14:42:12
April brought bad data for the Burgos real estate market: the increase in interest rates caused the figures to drop, so much as to reach levels of August 2020. However, in May part of that market recovered, and almost 63% more mortgages were signed in the province of Burgos.
For comparison, in the fourth month of 2023, 216 mortgages of all types were granted in Burgos: rustic, urban, residential and plots. They had a total value of 27.36 million euros. The latest figures from the INE, from May of this year, indicate that 352 mortgages had been granted in Burgos during that month with a total amount of 30.65 million euros.
Home mortgages have also increased in Burgos
On the other hand, the sale of homes has also grown in May compared to April. In the fifth month, 257 were signed compared to 168 in April; 53% more. The amount also increased by almost 40%: it went from having a value of 17.36 million euros in April to a total of 24.25 in May.
These data are very similar to those registered in Burgos in May 2022. Last year, 244 mortgages were registered for a total of 24.08 million euros.
The interests continue without giving a break
However, despite the fact that the number of home mortgages has grown, the interest on them continues without giving a break. In May, according to national data, the average interest at a fixed rate when contracting a mortgage was 3.40%. In April it was 3.29%, but in May 2022 it was only 1.8%.
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Regarding variable rate mortgages, the average interest in May 2023 was 2.79%. In April of this year they were 2.78%, an almost equal figure, but in May 2022 the variable interest for acquiring a home in Spain was 1.84%.
Fixed-rate mortgages rise
Regarding the interest rate chosen for mortgages, fixed-rate ones continue to predominate, although the figures were higher in 2022. Specifically, 62% of the mortgages that were contracted in May 2023 were fixed-rate, compared to 61.3% in April of this year. Looking back at last year, in May 2022 these mortgages represented 72.9% of the total.
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