Increase in Mortgage Hiring for 2024
Increase in Mortgage Contracting for 2024
The firm Tecnotramit predicts a 5% to 10% increase in mortgage contracting this year. This trend is due to competition among banks to attract more customers by reducing interest rates, especially for fixed-rate mortgages, now around 2.9-3%. This drop in rates, driven by the European Central Bank, favors home buying decisions. However, banks are expected to increase the requirements for granting mortgages, limiting access to certain segments of demand.
Economic and Legal Context
Tecnotramit highlights that the reduction in interest rates, previously associated with economic slowdown, is now welcomed by real estate investors. However, the current legislative framework, which focuses on the rental market, presents additional challenges. Property owners face an unfavorable image in legislation, something the company considers unjustified according to the economic reality.
Credit Quality
Despite the competition and price drops, banks maintain a strict focus on credit quality to avoid past mistakes. The financial stability of families and the current low delinquency rate are key factors for the continued pace of loan approvals. However, the increase in demand could lead to stricter credit requirements.
Future Prospects
If the trend of increasing demand continues, banks could further restrict access to mortgages, affecting those who do not have sufficient financial capacity. It is vital for those interested in acquiring mortgages to stay informed about market changes and banking requirements.
La Casa Das Haus in the Market
At La Casa Das Haus, a leading real estate agency in Lloret de Mar and the Costa Brava, we offer comprehensive advice for those wishing to purchase a home. With a personalized and professional approach, we ensure that our clients find the best opportunities in the Spanish real estate market.
