Between January and October of this year, 20% fewer mortgages for the acquisition of homes in Salamanca. They were 405 less than in the same period in 2022. The highest Euribor in the last 15 years – which reached 4.173% in October – has a lot to do with this decrease in loans, which is evidenced by the latest data from the INE. And, despite the rise in interest, 2023 is the third year of the decade in which Salamanca residents have signed the most mortgages, only behind the previous two years.
This decline in loan signing has slowed down the purchase and sale of real estate of a residential nature, but the decrease in this type of operations has been much smaller, 2.9%. In the first ten months of the year, 2,950 homes have been purchased, only 88 less than in the same period last year, worse than in the immediately preceding nine years. In fact, Manuel Ariaspresident of the new Salamanca Real Estate Associationwhich brings together more than fifty agencies, highlights that, although the market has slowed down, progress can be made since 2023 will be the second best year for home sales since the previous economic crisis, something confirmed by INE data .
The fall in sales is less than that in the number of mortgages. And, according to data from the National Institute of Statistics, almost half of the home purchase and sale operations in the province are carried out without the need for a loan. The president of Official College of Real Estate Agents of Salamanca, Valentín Rodríguez, explains that, apart from families looking for a home, there continue to be many investors who purchase homes without having to resort to financing from a bank. Along the same lines, Arias points out that data from the agencies show that around 60% of the operations carried out in the province are closed without the need to resort to a mortgage.
At the moment, the INE has only published data up to last October, but Valentín Rodríguez already points out that the slight decrease that has occurred in the Euribor and the forecast that it could continue to do so seems to be translating into a new reactivation of the market in the last weeks of the year. If there are no surprises, explains the president of the Association of Real Estate Agents, it is very possible that the upward trend in property sales that the market has been following for more than a decade and that has been interrupted by the rapid escalation experienced by the Euribor in the last two years.
On the other hand, Manuel Arias points out that the decline in sales has not caused the price of homes to fall, which, according to him, has increased by 2.9% in the last year. Prices are not contained in Salamanca, he insists, due to the lack of stock, because “there is no competition between homes.”
2023-12-27 05:18:15
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