A study carried out by UVE Reviewsa company specializing in the development of real estate valuations and appraisals in Spain, revealed that in that country the mortgage payment exceeded the rental payment in nine municipalities.
Furthermore, in 44 municipalities it accounted for more than 75% of the rent in December 2023.
Of the 63 municipalities with the largest population in Spain, over 100 thousand inhabitants, studied in said report, in San Sebastián, Marbella, Alcobendas, Pamplona, Cádiz, Palma de Mallorca, A Coruña, Bilbao and Madrid paying the mortgage is more expensive than rent.
You can also read: Latin America ranks third in hiring international talent
It is also indicated that the number of municipalities in which the mortgage payment represents 75% of the rent has increased, since in November 2022 it represented 64% of the total number of municipalities; while in December 2023 they represent 70% of the total, that is, 44 of the 63 studied.
Is renting better than buying in the long term?
It points out that the rapid changes in mortgage rates “considerably” modified upwards the installments to pay for the acquisition of a home.
On the other hand, rents have continued to become more expensive in most towns, but very unevenly in each of them. This has led to a change in the relationship between mortgage payments and rents in most municipalities.
Germán Pérez Barrio, president of UVE Valuations, explained that the fact that the installments are higher than the rents “does not imply that it is better to rent than to buy in the long term.”
With information from Europa Press.
2024-01-23 22:26:11
#Spain #mortgage #payment #exceeds #rent #municipalities
