The December 2023 Mortgage Market Report analyses key trends and challenges in the sector in an economic context marked by changes in interest rates and rising inflation. Demand for mortgages has shown fluctuations, with 77.7% of signatures among people aged 25 to 45 with stable jobs. In addition, the profile of buyers is influenced by factors such as job stability and income level, highlighting that foreigners acquire higher-value properties and obtain mortgages with a higher average amount.
One of the critical points addressed is the financial effort required to purchase a home. Currently, the effort index stands at 38.3%, which represents a significant increase compared to previous years, forcing families to spend more than seven years of full income to purchase a home. This situation is more complex in communities such as the Balearic Islands, where the effort required is considerably greater.
The report also highlights the adoption of new technologies in the mortgage sector, especially through “hipotech” companies that, through big data and artificial intelligence, seek to optimize the mortgage process and improve accessibility to housing. However, banks still dominate the market with 89.63% of mortgage loans granted in 2022, while fintech and neobanks are beginning to gain ground.
The sector's expectations point to a stabilization of interest rates by 2024, although the outlook remains uncertain due to monetary policies. In conclusion, the report shows a transformation both in the profile of the applicants and in the technological tools that intervene in the market, at a time when accessibility to housing faces major challenges.
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