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Among mortgage applications, the average value of properties in Spain is €227,626, of which €168,767 are mortgaged, that is, around 75%, as analyzed by Gibobs.com
Madrid, April 29, 2024.- The mortgage market in 2023 was marked by inflation and the jump in negative rates to more than 4%, which meant a general increase in mortgages for all those people who had contracted them at variable rate, which meant that many refinanced looking for a better alternative to a fixed rate, or at least a mixed rate. In this sense, and after a first quarter, in which the trend has changed due to a drop in rates, Gibobs.com, – a leading financial intermediation platform in the real estate sector that offers the best conditions in mortgages for individuals, as well as the most appropriate financing for companies – has presented the analysis of the profile of the mortgaged in Spain during the first quarter of 2024 Thus, with regard to mortgage applications in the country, the average value of properties stands at €227,626, of which €168,767 are mortgaged, that is, around 75%. With these data in mind, Just over half (56%) of the mortgages signed during the first 3 months of the year have been at a fixed rate, while 41% were at a mixed rate, showing an upward trend in this modality in recent months. These mortgages are faced in most cases by 2 holders, who have an average income of €4,365 per month. Thus, to pay the monthly cost of the mortgage they must invest approximately 20% of their income or, in other words, the average monthly payment would be €873, 3% more than in 2023. When it comes to talking Regarding the type of property, it stands out that 88% of these have been second-hand homes, while the remaining 12% have been new construction homes. In addition, 92% of mortgages are for first homes, while 4% are for second homes and 3% for investment.”The mortgage market in 2023 was a year of challenges and opportunities, marked by the volatility of rates of interest,” says Jorge González-Iglesias Baeza, CEO of Gibobs.com. “However, the data for the first quarter of 2024 show notable adaptability on the part of Spanish mortgage holders. Despite the circumstances, a trend towards stability and a firm determination to invest in their future is being observed, despite the economic uncertainties.”Finally, with regard to the profile of the person applying for a mortgage, they are predominantly men (61%) with an average age of 39 years. By age group, 8 out of every 10 people who apply for a mortgage are between 25 and 45 years old, while 19% are people between 45 and 65 years old, an age group in which applications for mortgages for second homes amount to 9 % and 86% is for a first home. In addition, 20% of requests from people over 65 years of age are for investment. Issuer: Gibobs.com
Contact Contact name: Gibobs.com Contact description: Gibobs Allbanks Contact phone: 911 34 43 59
