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Mortgage foreclosures continue their downward trend throughout Spain and also in Malaga province, according to statistics published on Thursday by the the INE national statistics institute. During the year 2024 foreclosure proceedings for non-payment of mortgage (leading to possible eviction) that were started up in the province amounted to 355, which represents a decrease of 11.25% compared to the figure of a year earlier that totalled 400. These are figures that affect private individuals, not companies, and can refer to both their primary residence and additional properties.
The figure for Malaga is also the lowest since 2020, when the number of foreclosures initiated was limited to 260. A year earlier, in 2019, there were even fewer: 153. These are all numbers that are well below the figures of 2014, 2015 and 2016, when evictions (the final step in a foreclosure) in Malaga province by far exceeded 1,000 cases. This figure also refers to homes mortgaged by individuals, not companies.
Another favourable statistic for Malaga province is that it is in tenth place in terms of the number of evictions, despite being sixth in terms of population size. In first place is Barcelona with 1,553 homes under eviction notice, followed by Madrid with 879. Meanwhile, Seville is in fifth place at 600. The other Andalusian province that is also ahead of Malaga is Cadiz with 380 procedures under way.
In Spain as a whole, the number of homes with foreclosure proceedings initiated against a private individual fell by 5.77% in 2024 to 10,713. Again, this is the lowest figure since the year of the pandemic, 2020, when there were 9,692 foreclosure proceedings. Just a decade ago there were around 45,000. In other words, there are now four times fewer such actions.
To understand why these figures have altered so much, we need to be reminded that the rules of the game for initiating foreclosure on an unpaid mortgage have changed. As of 2019 foreclosure proceedings can no longer begin after missing just three instalments, rather the law requires the non-payment of a dozen monthly instalments or between 3% and 7% of the value of the loan. This is in accordance with the ruling of the Court of Justice of the European Union. In addition, banks are also trying to avoid initiating mortgage repossessions because of the damage it causes to their reputation.
Regardless of the above, there is another fact that should not be overlooked: for the region of Andalucía as a whole a total of 2,353 procedures leading to an eviction have been initiated, down from 2,863 a year earlier. These make up 22% of the total number of evictions in Spain.
Another factor to keep in mind is that, according to the statistics published periodically by the general council of the judiciary (CGPJ), mortgage evictions are far fewer than those of tenants being evicted from rental properties. According to the latest available data, corresponding to the third quarter of 2024, if the number of evictions for non-payment of mortgage in the province stood at 40, those resulting from non-payment of rent amounted to 188.
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