Jaen Mortgage Market Sees 10.8% Decrease in 2023: Experts Attribute to Rise in Euribor

Jaen

The Jaén mortgage market closed 2023 with the signing of 4,848 mortgage loans, a figure that represents 10.8% less compared to 2022 when 5,441 were signed according to data published by the National Institute of Statistics. The decrease is notably greater than that recorded the previous year when it stood at 1.91%. The flip side is that last year’s figure exceeds that of 2020 when the coronavirus pandemic paralyzed the economy for several months.

Behind the decline is, as many experts point out, the rise in the Euribor, the reference used for the vast majority of variable rate mortgages. The European Central Bank kept it above 4% for several months, which made many mortgages more expensive while the banks also increased fixed-rate mortgages, which made many Jaen residents give up or choose to wait for a reduction.

For its part, the amount reached 428.1 million euros compared to 496.4 million euros the previous year, which translates into a drop of 13.7%, a percentage somewhat higher than that of mortgages. To find a figure similar to 418.1 million, we must go back to 2018 and 2019 when the amount remained at 425 million euros. Homes account for 78.4% of the total number of firms with 3,804 properties. On the other hand, it is worth highlighting the sharp drop in plots, not exceeding 53 while a year before 96 had been sold.

2024-02-23 19:53:27
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