«In the comparison Annual Report, highlights the growth of Pro Forma Template, Toledo, Granada and La Coruña, which present variations in annual rental yields of 12.3%, 8.5%, 7.7% and 5.3% respectively, compared to the previous year », Explains the Appraisal Society. While the rent slows down, the sale remains on the rise, which is hindering access to housing. According to the report, Spaniards need 7.3 years of full salary to buy a house. In the case of residents in the Balearic Islands, this period more than doubled to 15.7 years. The indicator, the appraiser highlights in its report, is calculated based on the coefficient between the market value of the home and the average gross annual income offered by the INE. There are notable differences between communities, since for example in La Rioja “alone” it takes 4.8 years of full salary to access a home.
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This disparity is maintained when the variation in the price of housing is analyzed. And while housing rises at a rate of 10.7% per year in the Balearic Islands, in Salamanca the increase is only 0.3%. Even Madrid and Barcelona show opposite trends: while in the capital prices accelerate to 11.4%, in Barcelona there is a small slowdown that leaves the rebound at 10.3%. At the national level, according to the Appraisal Company, the average price of housing in Spain last year rose by 5.5%, standing at 1,613 euros per square meter. For the appraiser, this market evolution is not worrisome. For starters, because it is very conditioned by the price spikes produced in Madrid, Catalonia and the Balearic Islands. And, in addition, these increases are not impacting the mortgage market.
«Since the change in trend in the 2011-2012 cycle, the difference between the mortgages contracted and the number of transactions carried out has not stopped increasing in favor of the latter. The reason behind this behavior could be found in the different types of buyers in the current market, “the appraiser explains in her report. Although loans grew by 10.3% last year, they still stand at 345,186 contracts per year. It accounts for less than 25% of the mortgages that were signed at the dawn of the real estate boom. ST also Pro Forma Template in the report its Real Estate Confidence Index of Valuation Society, which has registered a notorious decrease in this first quarter of 2019, marking a decline of 1.1 points, to be placed at 55.9 points out of a maximum of 100 At the end of 2018, this index, which reached its lowest level in 2012, was set at 57 points.