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At the company of new mortgages fell in 2023, a year in which interest rates reached record levels in recent years, which explains why only two provinces experienced positive growth rates in 2023: Ourense, with 2.4%; and Almería, with 1.8%. However, the drop of the mortgage market was estimated at 11% at the national level, a percentage that was by 9.7% in the Basque Country, according to data from the study on the evolution of the mortgage market in Euskadi and Spain prepared by CEPREDE, the Economic Prediction Center. Thus, last year, in the CAV, they subscribed 20,600 new mortgages compared to 22,867 in 2022.
However, Kutxabank managed to maintain the number of mortgage loans contracted, even experiencing a slight increase of 2.53%, as the banking entity assures through a statement. In total, Kutxabank offered 3,172 million in new mortgage loans, which was 80.5 million more than in 2022. In addition, Kutxabank managed to improve its market share in the sale of mortgage products, concentrating 41% of new loans signed in Euskadi and 8% in Spain as a whole.
Of course, the contractors have increased the loan valuegoing from asking for an average of 160,000 euros in 2022 to 168.000 euros in 2023 and 73% have opted for the mixed modality offered by the entity, with the first five years fixed rate and the rest variable. A model that Kutxabank has opted for instead of fixed mortgages that have been promoted by other banks, in view of the increase in requests from its clients to change from variable to fixed and thus avoid new increases in their dues.
Thus, they confirm that there has been “a drastic change” in the type of mortgage product demanded by the market, with “a exponential growth“in the percentage of consumers who have opted for mixed mortgagesreflecting a “Of course overturn” with respect to the situation in 2022, when fixed-rate loans “gained ground” with respect to the rest of the alternatives.
Kutxabank / KUTXABANK office
Evolution of the mortgage market
According to the study on the evolution of the mortgage market in Euskadi and Spain carried out by CEPREDE, it is expected that throughout 2024 continue descending the number of rubricsalthough with much less intensity, to recuperate gradually from 2025. And “credit is being especially affected by the increase in financing costs, which could stabilize starting next year,” they predict.
Projections for 2024 point to a moderation in the drop of the number of
new mortgages subscribed with respect to 2023, with a 3.5% decrease in Euskadi, and 5.2% in the State as a whole. Of course, three provinces will show year-on-year progress: Lugo (12.5%), Ávila (2.1%) and Álava (0.9%). Positive data that will be in line with the stabilization planned of the interest rates and of the inflation throughout the year.
And from 2025, the report speaks of a increase in residential demand due to demographic needs, accompanied by a slight containment of the financing ratio with respect to total consumption. That is why the number of new mortgages could pick up slightly until 2030, positioning Gipuzkoa and Bizkaia as “the territories with less expansion estimate of the mortgage amount, which will be more dynamic in Navarra, the central area and in the east of the Peninsula”, they detail.
2024-01-30 04:25:34
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