How Almería and Orense are similar

The creation of mortgages in Andalusia will fall by around 10% (9.9%) in 2023, according to the study on the evolution of the mortgage market carried out by the Economic Prediction Center (Ceprede) for Kutxabank, a financial group to which it belongs. Cajasur. In the country as a whole, only two provinces will maintain positive growth rates at the end of 2023 and that will be Orense (2.4%) along with Almería (1.8%).

As a global conclusion, the report indicates that the Spanish economy continues to suffer throughout 2023 the effects of high inflation and the policy of raising interest rates by the European Central Bank (ECB)although it maintains a certain growth dynamic driven by the post-pandemic recovery process, especially in tourism, and by good performance of the labor market.

Credit markets are being affected by this increase in financing costs, which is why the total amount of loans has been reduced throughout the year. new mortgages signed.

Forecasts point to a prolongation of the process of containment of the mortgage market during the coming quarters, although with an increasingly moderate intensity. The study predicts that from 2025 positive values ​​are recovered.

The study anticipates a contraction of 9.9% in the creation of new mortgages in Andalusia, the territory where Cajasur operates, for the year 2023, along with a drop in the average amount of around 1%. This evolution slightly improves the average for the Spanish market, which will be around -11.4% at the end of this year.

In any case, in Andalusia a total of 81,975 mortgages will be subscribed this year, with an average value of 123,579 euros and a total amount of 10,128 million, while in Spain as a whole the new mortgage headings will exceed 410,000 in 2023, with a total amount of 58,700 million euros and an average value of 143,000 euros.

Projections for 2024 For their part, they point out a moderation in the fall in the number of new mortgages signed compared to the previous year, since they would decrease by 2.6% in Andalusia, and 5.2% in Spain.