MADRID, 13 Dic. (EUROPA PRESS) –
Mortgage payments have risen “considerably” more than rental income, despite the fact that both have risen throughout this year, according to a study by the valuation company UVE Valoraciones, published this Tuesday.
This year’s report assesses the behavior of the residential market in the 110 cities with the largest population in Spain, compared to the 107 analyzed last year.
The study concludes that, of those 110 localities, only in 12 of them rents rose more than mortgage payments in the last year.
Santa Coloma de Gramenet (Barcelona) is the city with the lowest mortgage rate compared to rent, with a decrease of 29.97%.
They also reflect adjustments above 20% in Molina de Segura (Murcia), where the mortgage payment is 24.15% lower than rental income, followed by Leganés (Madrid), with 22.74% below, and Reus (Tarragona), with a difference of 22.37%.
In Manresa (Barcelona), paying the mortgage payment is 17.79% cheaper than renting, while in Tarragona that percentage stands at 14.93%. In Badajoz, the difference between the mortgage and the rent stands at 12.58% and in Paterna (Valencia), at 10.83%.
The municipalities that complete the list of towns with more affordable mortgages than rents are Alicante, with a 3.86% difference; San Cristóbal de la Laguna (Santa Cruz de Tenerife), with 3.82%; Barcelona, 1.24%; and Parla (Madrid), 0.03%.
The UVE Valoraciones study also includes the 11 locations in which, today, it is cheaper to rent than to buy.
Renting is the best option for potential tenants in San Sebastián, where mortgage payments are 124.3% more expensive than rental income.
In Getxo (Bilbao), mortgages are 115.78% above rental income, while in Alcobendas (Madrid) they are 112.4% higher. In Palma de Mallorca, a similar figure is observed, of 112.08%.
Sant Cugat del Vallés (Barcelona) also appears on this list, where mortgage installments are 110.45% above rents. Pozuelo de Alarcón (Madrid) and Marbella (Málaga) show similar increases, with quotas 106.75% and 106.58%, respectively, higher than rents.
Renting is also a more affordable option than buying in La Coruña, where mortgage payments are 104.16% above rental income. In the case of Rivas-Vaciamadrid (Madrid), this percentage is 102.45%, and in Pamplona, 102.29%.
UVE Valoraciones also includes in the study published this Tuesday the municipalities in which the average rental prices exceed or equal 11 euros per square meter per month in 2022.
Barcelona tops the list, with the average price at 18.7 euros per square meter, followed by San Sebastián, at 16.40 euros per square meter, and Madrid, at 16.20 euros.
In Castelldefels (Barcelona) and Marbella (Málaga), the price per square meter stands at 15.80 euros and 15.10 euros, respectively. In Sant Cugat del Vallés (Barcelona), the average price is 14.60 euros per square meter, and in Hospitalet de Llobregat (Barcelona), 14.10 euros.
In the Madrid municipalities of Alcobendas and Majadahonda, the average price per square meter for rent stands at 13.90 euros and 13.30 euros, respectively, according to data from UVE Valoraciones.
Also appearing in the environment of 13 euros, the Tenerife town of Arona, with the price per square meter at 13.30 euros; Bilbao, at 13.10 euros per square meter for rent; and Cornellá de Llobregat (Barcelona), with 13.00 euros per square meter.
In Palma de Mallorca and Pozuelo de Alarcón, the average price per square meter for rent is 12.70 euros, followed by 12.60 euros registered in Getxo and 12.40 euros in Las Rozas (Madrid), Estepona and Torremolinos (both in Malaga). Likewise, in Badalona (Barcelona), the average price per square meter for rent is 12.30 euros, while in Benalmádena (Málaga) it stands at 12 euros.
Above 11 euros per square meter or equal, Santa Coloma de Gramenet appears, with 11.90 euros per square meter in Alquiler; San Sebastián de los Reyes and Málaga, at 11.80 euros in both cases; Sant Boi de Llobregat (Barcelona), at 11.20 euros per square meter; Fuengirola (Málaga), at 11.10 euros; and Mijas and Gerona, at 11.00 euros per square meter.
UVE Valoraciones has carried out this analysis by calculating the mortgage payment that corresponds to a loan of 80% of the value of the offer, with a duration of 25 years and an interest rate of 3.5%, with data from the idealista real estate portal as a reference.
The choice of 3.5% has resulted from adding to the Euribor in November (2.8%) a differential of 0.7%. The company has compared the resulting fee with the corresponding rent (in euros/m 2 and month), obtaining the percentage that results from dividing the unit fee by the unit rent, as explained in its statement.
The data collected by UVE Valoraciones show that rents have skyrocketed in tourist areas, especially in the province of Malaga.
Rental prices are higher than those of a year ago, although Baracaldo, Getafe, Vitoria and Mataró have disappeared from the list, making way for Castelldefels, Arona, Estepona, Torremolinos, Benalmádena, Málaga, Fuengirola, Mijas and Gerona.
The municipalities in which the mortgage payment represents more than 75% of the rent are 71 out of 110, which represents 64% of the total studied, while a year ago they only represented 16% of the total.
From the report it is concluded that, of the 20 municipalities with the largest population, only in Barcelona and Alicante has the ratio of quota/rentals evolved in favor of quotas, something that is due to a considerable rise in rental prices, according to UVE Valoraciones .
The president of UVE Valoraciones, Germán Pérez Barrio, points out that although the comparison between mortgage payments and rents “may be favorable to the purchase of a home”, it must not be forgotten that “the main obstacle for those who buy for the first time is the need of having saved the equivalent of 28-32% of the purchase price of the home to cover the part not financed by the banking entities (20%) and the taxes and expenses associated with the purchase, which are between 8 and The 12%”.
