chart 1. evolution of the IAVP 2012 - 2023
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The Homeownership Accessibility Index (IAVP) aims to measure the ability of households in Spain to pay the mortgage installment for their home.
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To calculate the IAVP, which determines the balance between the average housing price and the regular effort required to cover an average mortgage payment, the average household income, housing price, and interest rate have been considered.
In the chart on the right, we can observe the favorable or unfavorable impact that each of these factors has had on the IAVP from 2012 to 2023.
chart 2. evolution of the factors impacting the IAVP 2012 - 2023
chart 3. evolution of the factors impacting the IAVP 2012 - 2023 (%)
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As we can see in chart 3, the index is below 100 until early 2012, which can be explained by the negative impact of the increase in interest rates and the decline in household income, as shown in chart 2.
Between 2014 and 2019, accessibility has experienced few changes. This is because the price increase is partially and mainly offset by the rise in household incomes.
During the initial period of the Covid-19 pandemic (year 2020) an increase is observed in accessibility as a response to the growth in household income, followed by the drop in interest rates.
However, from 2022 onwards, a significant decline in accessibility is observed, driven primarily by the increase in interest rates. An increase in prices is also noted, although it is a less relevant factor since it is offset by the rise in household income.
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Knowledge to provide transparency and move towards a better, more sustainable, and more efficient real estate sector.
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