The real estate market has been a constant topic of interest, especially in 2023. According to data compiled by the National Statistics Institute (INE), 911,780 homes were purchased last year, but only 356,633 of them were financed through mortgages. This reveals that only 39.1% of real estate transactions were carried out with mortgage financing, which implies that an astonishing 60% of the properties acquired did not require this type of financing.
The Impact of Euribor and Economic Conditions on the Housing Market
The analysis of Santiago Carbó, professor of Economic Analysis at the University of Valencia and director of the financial area of Funcas, together with Francisco Rodríguez Fernández, professor of Economics and Finance at the University of Granada, highlights that the increase in housing prices in Spain is due more to wholesale and non-resident demand than to residential retail demand. This phenomenon has been driven by an unfavorable economic context and fluctuations in the Euribor, affecting buyers’ ability to access mortgages.
Mortgages and Home Purchasing in Different Regions
When analyzing the phenomenon by autonomous community, we observe a variation in the percentage of homes purchased with mortgages in 2023. For example, in La Rioja, Madrid, the Basque Country and other regions, there has been a notable decrease in the use of mortgages for home purchases. This reflects an emerging trend in the real estate market, where mortgage financing is being used less in certain areas.
Conclusions and Future Prospects for the Real Estate Sector
The Funcas report concludes that the real estate market is being significantly influenced by wholesale and non-resident investment operations, which affects price dynamics and housing affordability. In this context, the evolution of Euribor and mortgage policies will play a crucial role in the future of the real estate sector.
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