The price per square meter has increased by 6.5% in the past year and the average amount of mortgages is more than 147,000 euros according to notaries
The real estate market is accelerating as warnings from the European Central Bank (ECB) about an imminent rise in interest rates, which will make mortgages more expensive, intensify. Until April, the sale of homes rose by 15.5% and the granting of mortgages by 14.7%, according to the General Council of Notaries.
The Bank of Spain has confirmed that the 12-month Euribor rose to 0.287% in May after leaving negative territory in April for the first time in more than six years, leading to higher prices for variable mortgages indexed to this index. referenced . On average, they can go up to 400 euros per year.
In the case of sales, the number of operations reached 60,734 units and the average price per square meter was 1,575 euros, an increase of 6.5% year-on-year.
By home type, condo sales increased 16.5% year over year to 46,377 units, while single-family homes grew 12.4% to 14,357 units. Flat prices rose by 3.6% compared to the same month of the previous year, to 1,749 euros per square metre, while the price of single-family homes averaged 1,283 euros per square metre, an increase of 13.5%.
Home sales grew in all communities except Murcia, where it was down 2% year-over-year. The regions where an evolution above the national average was recorded were: Navarra (50.4%), Canarias (45.5%), Cantabria (29.3%), Balearic Islands (22.9%), Andalusia (22, 0%), Valencian Community (21.5%) and Castilla y León (17.9%). Castilla-La Mancha, Catalonia, Asturias, Aragon and Extremadura were below the national average but still showed double-digit increases.
Nationally, the price per square meter increased by 6.5% year-on-year. House prices rose except in Castilla-La Mancha (-11.5%) and Navarra (-1.8%). In order of magnitude, double-digit increases were recorded in Andalusia (18.3%), Murcia (13.1%), the Valencian Community (13.1%), Galicia (12.8%), Madrid (11.1 %) and the Balearic Islands (10.2%). In the rest, more moderate increases were recorded.
In April, home mortgages rose 14.7% year-on-year nationally to 32,192 transactions. The average amount of this decreased by 1.3% on an annual basis to an average of 147,693 euros.
The percentage of home purchases financed with a mortgage loan was 53%. In addition, in this type of purchase with financing, the amount of the loan represented an average of 73.5% of the price.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
