The last month of the year has closed with a new all-time high of the house priceup to 2,271 euros per square meter, 11.2% more than in December 2023, according to data collected by the Idealista real estate portal, which makes access to housing for Spaniards even more difficult, which the public administration tries to alleviate through aid to finance the purchase of a house. The increase has been reflected in all the autonomous communities, except in Extremadura, where the average price has decreased by 0.8% compared to the previous month, and has caused the price to reach its historical maximum in up to seven regions.
Three Autonomous Communities in which it is cheaper to buy a house
Extremadura is part of the ‘top three’ of autonomous communities in which the price of housing is lowest. The list is headed by Castile – La Manchawhere the average price per square meter in December stood at 957 euros (4.4% more than in December 2023); follows Estremadurawith 986 euros on average (2.8% more than last year); and Castile and Leónwhere the price per square meter jumped to 1,216 euros (3.5% more than in the same month of the previous year). In this way, the price in the three communities is well below the 2,271 euros on average that Spain has registered.
In these three areas, to buy a house of 50 square meters it would be necessary to save approximately 14,400 euros, 14,800 euros and 18,200 euros, respectively, to have the 30% of the value of the house that is necessary to request a mortgage loan to finance the acquisition (20% of the down payment and 10% of the expenses associated with signing the mortgage).
Three Autonomous Communities in which it is more expensive to buy a house
This amount is a big jump when compared to those required to buy a home in the most expensive communities: Balearic Islandswhere the average price per square meter is 4,707 euros (a historical maximum and 15.3% more than in December 2023); the Community of Madridwith a price of 3,771 euros per square meter (a historical maximum and 17.5% more than the same month of the previous year); and the Basque Countrywith 3,076 euros per square meter (7.4% more than last year). In this way, to buy a 50 square meter house in these communities, the minimum savings to apply for a mortgage would be approximately 70,600 euros, 56,570 euros and 46,140 euros, approximately.
Faced with this situation, the public administrations have launched various aid to try to facilitate access to purchasing homes through mortgage loans, especially for the younger population, which have measures such as the well-known ‘ICO guarantees’. Through this aid, those under 35 years of age can obtain financing for 100% of the value of their first home, thus avoiding the requirement of having 20% of the down payment, since it is the State that acts as a guarantee for that part. , without any additional interest. This measure, available until the end of the year, has also been replicated by some administrations of the CCAA. In the Community of Madrid, for example, the ‘My First Home’ measure was launched, which extends the maximum age allowed to 40 years.
#autonomous #communities #cheapest #buy #house
