The number of young heirs in the real estate market has skyrocketed in the last three years. In a universe in which the average age at which a property is inherited is 54 years, those under 35 have gained many positions since 2020, when they represented 8%, until this year, in which they escalate to 15%.
This is pointed out in the study ‘Analysis of inherited homes in Spain’, by Fotocasa. Trying to make an x-ray of the heirs who take their brand new properties to the rental or sale market, they have ended up being surprised by the evolution of the youngest segment, who are no longer rara avis.
“It is positive that the young group increases the percentage of inheriting housing, since young people are the ones who have the most difficulties accessing housing, and This approach may provide a solution for those under 35 years of age who are looking to become owners,” emphasizes María Matos, spokesperson for the platform.
[La vivienda de segunda mano ya supera los 2.000€ por metro cuadrado: su precio ha escalado un 7,2% en un año]
The reasons for this increase are not explored in much depth, although in any case it is progress: it is the first report that directly points out a phenomenon that was barely suggested in another study, this time by the Bank of Spain.
It happened in June, in an article that addressed the mismatch between supply and demand. In a very discreet footnote, it noted that young people between 19 and 30 years old owning a home had increased “moderately after the pandemic”, going from 25.5% in 2019 to 30.7% in 2020.
Historical figures
“Could be related to the increase in inheritances and donations in favor of this group as a result of this,” he commented. The experts consulted by EL ESPAÑOL-Invertia consider that, indeed, the excess mortality due to the pandemic is one of the reasons that drives there to be more young people with apartments in property.
During the last three years they have died in Spain 131.361 personas due to the virus, according to the INE. The vast majority of them, according to the same data, were over 60 years old.
[Las herencias de vivienda se disparan en 2023: cuál es el plazo para decir que sí o rechazarlas por los herederos]
It is a fundamental figure to explain how in the first half of this year they have been able to register historical levels of inheritance figures. In said period there were 107,073 homes transferred in this way, always according to the INE.
It is 3.7% more than in the same period last year and it is the highest figure since 2007, when statistics on transfers of property rights began to be compiled. The previous record dated back to 2021, when there were 104,386 inherited homes.
What is seen this year is a consequence of the pandemic, a stagnation of housing transfer operations that were delayed over time due to problems of all kinds, such as the months passing by to settle the taxes that acceptance entails. of an inheritance.
This is explained by Angel Martínez León, vice president of the general council of COAPI (Official College of Real Estate Agents).
These are mostly homes that are “very far” from the most common typology today: they are mainly inherited large apartmentsgreater than 100 square meters and in any case designed for large families, with four bedrooms as a general rule.
When these apartments reach the heirs, two avenues open up. “If there are many heirsfor example four or five brothers, housing is a problem. “If it is rented, the income that comes from there to be distributed is not of interest and people usually choose to liquidate the property, because it is easier to distribute the money.”
Help for young people
When the good is distributed between two heirs, normally one of them pays off the other’s share to keep it. “These are minor cases,” he emphasizes, but the sector notes that this minority case is the one that has increased. And where the growth of the youngest heir is hidden.
Because in those cases that new heir has a young homeless son, who is the one who ends up benefiting. “It is true that it is not the same for young people, especially when it comes to accessing a mortgage. Inheritance is a door that opens for greater ease. You just have to liquidate the other party,” explains Martínez.
Also taking into account that the homes to be inherited usually have decades of construction and little renovation. Which means that its initial value is much lower than what would be expected for a flat with these characteristics. “Logically the appraisal value is not that high,” reasons Martínez.
So paying the other potential heir half of the value of that property is always “easier” than requesting a normal mortgage, which on average it is around 141,737 eurosand which have become an impregnable wall as a result of interest rates, which are around 4%.
More modest loans that can be settled in less time, a feasible route for the group with more moderate incomes.
Follow the topics that interest you
2023-10-10 01:01:10
#heirs #grandparents #apartment #skyrocket #years #due #Covid #rise #mortgages
