The Euribor closed 2022 with largest historical increase in one year. This index reaches 3.018%, the highest level in the same month since 2008. This situation will cause an increase in the monthly installments of the mortgages being reviewed as well as the modification of the amortization time.
This was noticed in the real estate market, which ensures that with the negative Euribor it was common to see mortgages a 15 or 20 years, something that has been changing in recent months. Indeed Francisco Escot, real estate manager of Mistercasa ensures that “we are verifying that with this increase, we are seeing that the last mortgages we signed in December they extended again to 30 years the repayment term of the mortgage”. In this sense, the rise in the Euribor “does not harm many customers, but those who are affected by it, they affect a lot. Many mortgages have been signed in recent years fixed interest“.
In cities like Jerez, the request is bigger than offering and this meant that last 2022 was the year of the highest number of sales since 2008. In this case Escot assures that “the Euribor affects the fact that people can think about it more, can study it a little more, but those who are really interested in buying will buy. She didn’t affect it.”
It was the “best year” by number of operations. “Nail 3,000 only in Jerez, some 250 per month“Scott says.
It is also expected a good first semester 2023 and although “I don’t have a crystal ball,” Escot is confident there will continue to be one high demand and no major price increasesstabilizing the market even though there may be fewer trades.
Regarding the fact that the population of Jerez prefers to buy or rent, the real estate manager states that “the prices of rentals they are very tall. Of all the history I remember in the 33 years I’ve been here, this is the time when the rent is the most expensive. It comes out cheaper pay a mortgage, a loan, rather than a letter of rent. In Jerez you buy more than you rent”.
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