Home mortgages increased 10.3% in November
Sales of housing in November reached 47,182 transactions, according to notaries. This represents a year-on-year fall of 5.6%. The average price per square metre of homes sold in November was €1,406, representing a slight fall of 0.4%.
Meanwhile, there was a 10.3% increase in new mortgage loans taken for the purchase of a home in November, with 24,638 new loans agreed. The average amount of those loans fell by 2.5%, year-on-year, to €133,506.
Property Sales
By type of property, the sale of apartments showed a 6.3% year-on-year reduction. This was due to a contraction of second-hand property sales (-4.1%) and also sales of new property which suffered a 20.7% fall. The sale of single-family homes also suffered a decline in numbers but only slightly, seeing a 3.4% drop in sales.
In terms of average prices, a square metre of homes purchased in November reached €1,406, reflecting a slight fall of 0.4% year-on-year. This small reduction was due exclusively to the fall in price of single-family homes which showed a 4.8% annual decline. The price of flats/apartments registered a slight annual increase with prices rising 2.2%.
Finally, in November the purchase and sale of other types of properties stood at 10,799 operations (-11.2% year-on-year), of which 38.3% corresponded to land or plots. The average price per square meter of these land transactions was €218 (-12.6% year-on-year).
Mortgages
The total number of new mortgage loans made in November was 32,911, which represents an increase of 6.8% year-on-year. The average amount of those loans was €171,143, reflecting a fall of 1.3% year-on-year.
New mortgages taken for the acquisition of a property increased in November by 10.8% year-on-year to 26,455 loans. This was due both to the increase in the granting of loans for the acquisition of a home (10.3% year-on-year) and to the increase in mortgage loans for the acquisition of other real estate (19.1% year-on-year). The average amount of loans for property acquisition reached €136,871 (-3.1% year-on-year). In the case of housing, the average capital was €133,506, reflecting a decrease of 2.5% year-on-year.
Loans taken for construction showed a year-on-year decrease of 7.7% in November, to 597 operations. The average amount of capital borrowed in those cases was €627,338, an interannual increase of 20.8%. The average amount of loans for the construction of a house increased substantially, growing by 42.3% to €369,909 (480 operations).
The percentage of home purchases financed by a mortgage loan stood at 54%. Additionally, in this type of purchase with financing, the amount of the loan was 74.6% on average.
Written by Marbella For Sale.
