-kCnD--1024x512@diario_abc.jpg?w=1024&resize=1024,512&ssl=1 "A third of the homes purchased are paid in cash")
Three out of every ten homes, specifically 33.26%, were purchased in September 2024 without resorting to mortgage financing, which represents a growth up to four percentage points compared to the same period of the previous year (29.50%).
This change in the housing market reflects a «consolidated trend» throughout the year, where January 2024 marked the greatest increase in the number of homes purchased without a mortgage, with 39.04%, this was stated by a comparative analysis prepared by apartments.com based on the latest data published by the National Institute of Statistics (INE).
The Director of Studies of flats.comFerran Font, has indicated that economic circumstances and increases in interest rates are redefining the ways of accessing housing, giving more prominence to those who can opt for direct purchase at the counted.
The data reflects a market where certain profiles are more present in operations without financingamong whom are people who have inherited properties, those who have sold their home to buy another and those with a high purchasing power level and who are capable of assuming the full cost of a home without resorting to financing.
«Access to the real estate market remains a challenge, especially for young peoplewhose ability to emancipate is hindered by rising prices and mortgage conditions. However, those who have previous savings or assets are taking advantage of this situation to buy in cash,” Font said.
Furthermore, apartments.com states that the transformation that the Spanish real estate market is going through not only responds to economic changes, but also to social and demographic factors.
Differences by community
In the analysis by autonomous communities, Asturias leads the rankingwith 55.23% of homes purchased in cash in September 2024, followed by the Valencian Community (53.55%) and La Rioja (51.08%). At the opposite extreme, the Basque Country (9.02%) registered the lowest percentage, along with Madrid (14.74%) and Catalonia (23.68%).
«These differences can be explained by factors such as economic structure, levels of accumulated savings and accessibility to financing in each region”, detailed the Director of Studies of the real estate portal.
In terms of operations, Andalusia (11,344), Valencian Community (10,801) and Catalonia (8,987) led the comparisons in September 2024. However, in relation to the number of mortgages granted, Andalusia (8,200), Madrid (6,910) and Catalonia (6,859) were the highlighted regions.
In September 2024, fixed-rate mortgages represented 61.4% of the total, compared to 56.2% in the same month of 2023, an increase that reflects a change in preference towards more financial products. stablesomething that also affects the proportion of buyers who decide to do without bank financing.
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