The Balearic Real Estate Association (AIB-ABSI) has evaluated the announcement of the Ibavi mortgage guarantee program, which it believes will facilitate the access of young people to the first home and that this will contribute to the normalization of short rental prices.
The president of AIB-ABSI, Fernando Valentín, explained that the agencies find “many cases of young people who have the ability to pay the monthly mortgage payment, but who do not have the savings to face the traditional 20% down payment that the bank does not cover, ”the employer said in a statement.
“This is why we believe that this government guarantee will help many of them realize the dream of having their own home,” he added of the program announced on Monday by the government, which will go into effect on January 1, 2023.
Another plus, he adds, is that if these young people release the apartments they now rent, “the supply of rents will increase, and this could of course bring their price down, normalizing the market, whose prices are currently very high. “.
Valentín also referred to the maximum price of the house set at 270,000 euros to grant the guarantee: “In the absence of knowing the program in detail, we believe that today it is possible to find apartments of that price. It all depends on the territory, but it is possible, especially if we are talking about a first home for young people ”.
EFE
