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Cristina Vallejo
Malaga
Wednesday, 4 September 2024, 12:02
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A rise in the price of housing has caused a drop in new mortgage contracts in Malaga province, new data shows.
During the first half of this year, 9,034 loans were signed in the province, a decrease of 11.15% compared to the same period last year when there were more than 10,000, according to figures published by the National Statistics Institute (INE). Nationally, the signing of mortgages has also fallen, dropping 4.5% from 202,715 in the first half of 2023 to 193,238 in the same period this year.
The increase housing prices in Spain and in Malaga is being blamed for the drop. The province has been characterised in recent years as being one of those that has seen the greatest increase in the price of housing with double-digit rises year after year.
The average mortgage signed in Malaga in the first half of the year was close to 190,000 euros, an increase of more than 15% compared to a year earlier when it was around 164,000 euros, according to the INE. Meanwhile, in Spain, the average mortgage signed in the period between January and June was around 139,600 euros, a slight drop of 1.6% compared to around 142,000 euros in the same period last year.
189,656 euros
The average mortgage taken out in the province amounts to this figure. It has risen by 15.6% compared to the first half of 2023. In Spain, the average loan is less than 140,000 euros.
In June, according to the figures updated by the INE last week, there were certain differences with respect to the balance so far this year. In the province the number of mortgages signed is 1,866, a fall of 3.3% compared to the 1,929 registered in the same month last year. In Spain, meanwhile, new mortgage contracts have fallen by 5.5%, from 33,374 in June 2023 to 31,526 in the same month this year.
In terms of the average mortgage taken out in Malaga, there was a slight relaxation in June compared to the figures recorded for the first half of the year as a whole. The average loan of around 190,000 euros signed between January and June contrasts with the average of just over 182,000 euros in June.
In Spain, the opposite has happened, with the average mortgage signed in June exceeding 146,000 euros, compared to just under 140,000 euros for those signed during the first half of the year.
The decrease in mortgage signings in Malaga in June is below the Spanish average and contrasts with the sharp falls suffered in other provinces. There have been decreases of more than 30% in Teruel, Burgos, Las Palmas and Orense, the figures show, although these are very small real estate markets.
Among larger property markets, there are some provinces that have suffered more significant falls than Malaga, such as the Balearic Islands, with a 22.7% drop in new mortgage contracts, as well as Valencia and Alicante, with decreases of 17.6% and 11.8%. In Andalucía, the sharpest decline was in Almería, with a fall of 9.12%.
1,866 mortgages signed in June
With this figure, Malaga is the Andalusian province that signed the most mortgages in June and the third in Spain after Madrid and Barcelona.
Malaga is the Andalusian province in which most mortgages were taken out in June, with a total of 1,866. It is above Seville, where the figure is less than 1,500. According to the data, Malaga is third in the Spanish ranking, just behind Madrid and Barcelona. A year earlier it was fourth in the table, as Valencia was also ahead.
The mortgage signed in Malaga continues to be among the most expensive in Spain. For the month of June, the 182,000-euro average mortgage cost in the province places it in fourth place in the ranking, only behind Madrid (220,000 euros); the Balearic Islands (219,000 euros); and Barcelona (183,400 euros). In addition to these provinces, only two others are above the Spanish average: Guipúzcoa (170,500 euros) and Álava (162,800 euros). In Andalucía, Malaga is followed by Seville, with just over 119,500 euros.
The cheapest mortgages signed in Malaga are in Cuenca, Lugo and Ciudad Real, where they do not reach 80,000 euros. In Jaén, the average loan is close to 80,500 euros.
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