The sale of homes has come back to life in recent months, in which experts consider that Aragon has managed to overcome the break in the crisis caused by covid-19 and even reach 2010 figures. anus 9,368 operations have been signed, 4.75% more and 67% applied for a mortgage. People who have signed a mortgage loan in Aragon will see this exercise how there are almost no variations in the monthly payment, they have contracted a fixed or variable interest rate.
In Aragon, the average amount of mortgages was located in the second quarter of the year at 113.120 euros, 4.25% more in a year, with an upward trend after around 100,000 euros in recent years, according to data from the National Institute of Statistics (INE) and the College of Registrars collected in the latest Gamerin real estate report for the Miaragon.es portal. In the moments of highest prices before the crisis of 2007 it was close to 140,000 euros.
The average monthly mortgage payment stands at 517.55 euros, which represents an increase of one 1.81% in one year. The aforementioned report highlights that “excellent accessibility ratios are maintained, with more moderate growth than the national average.” The current figures are far from those faced during the real estate boom. The monthly mortgage reached 781 euros per month in Aragon in 2007, the time of maximums both in the sale of apartments and in their prices, which preceded the collapse of the sector with the real estate crisis.
Aragonese have to allocate 28% of their salary to pay the mortgage
The higher amount of debt to finance the purchase of a home has meant that the term for which loans are signed has increased. The mortgaged take out loans to pay between 23 years and 8 months, an increase of 3.62% in one year. At times of higher prices, it reached an average of 30 years. Aragonese have to allocate 28% of their salary to pay the mortgage, 1.24% more in the last year, according to data from the first quarter.
Regarding the applicable interest rate, the trend continues for new loans to be signed with a fixed rate, which already represents 63% of the total, and those that do so with a variable rate continue to be the lowest in history. The Euribor, the index used in most variable rate loans, remains negative and below zero, after standing at -0.498% in August. To this percentage, each financial institution adds a differential. The average interest rate in Aragon this quarter was 2.44% in fixed-interest and variable-rate loans it was slightly lower, with 2.25%, compared to the previous quarter.