MADRID, 27 Sep. (EUROPA PRESS) –
Real estate portals predict that the fall in mortgage transactions will “slow down” at the end of the year, although in these coming months the dynamics “will be similar” to that of July, when the number of mortgages constituted on homes fell by 18.8 %, down to 29,223 loans, the lowest figure in a month of July since 2020, as announced by the National Institute of Statistics (INE) this Wednesday.
In a statement, the general director of Idealista Hipotecas, Juan Villén, explained that the July data “delves into the trend of recent months”: sharp drop in the number of transactions, increase in the cost of all mortgages, both fixed and variable , and greater prominence of mixed mortgages. Likewise, he has assured that the increase in prices “will also find a ceiling”, but he has not specified when.
For her part, the Director of Studies at Fotocasa, María Matos, has assured that mixed mortgages are becoming “the star product” in banks, given the strategy of financial entities to make variable mortgages cheaper and tighten fixed ones.
The director of Pisos.com Studies, Ferran Font, has referred to the real estate market as a “cooled” sector and has assured that the second part of the year will be marked by the possible moderation in rate increases, as well as the legislative situation. and politics, yet to be determined.
The General Council of the Official Associations of Real Estate Agents (API) of Spain has stated, for its part, that the July figures show that “fewer and more expensive mortgages are signed”, since the average interest rate of Housing mortgages continued to rise in July, reaching 3.24%, their highest value since August 2016, as reflected by INE data.
Real estate agents have assured that “it does not seem that the situation will reverse in the coming months” and have pointed out that the effects of inflation and the war in Ukraine “continue to be evident”, to which is added the lack of a “Solid” government in Spain and the “legal uncertainty” generated by the entry into force of the Housing Law.
“Although the real estate sector has always been a good alternative as a safe haven to protect family assets, the truth is that the rise in interest rates causes those who are not in a hurry to buy to postpone their decision or continue betting on the market. of the rent”, they have pointed out.
