Castilla y León led the fall in housing prices and mortgage granting in July

Housing prices and mortgage granting in Castilla y León plummeted in July in year-on-year terms by 13% and 33.2%, which represents the first and second largest decline in Spain as a whole. On the contrary, it was the second autonomous community that experienced the smallest decrease in home sales, with -3.7% compared to a national average decrease of -18.4%.

According to data from the Notarial Statistical Information Center (CIEN), In six autonomies there was an increase in the price of housing and in another 11 it decreased. In the country as a whole, the cost per m² fell by 4.6% year-on-year.

The average price per m² in July in Castilla y León was 799 euros. By type of housing, the price of apartments decreased by 12.8% year-on-year reaching 1,004 euros/m², while the cost of single-family homes fell by 9.9% compared to the previous year, to 556.

Last July, 3,134 sales and purchases were recorded in the autonomous community. According to the type of housing, 2,068 of them were apartments (8.3% less), and 1,066 were single-family homes, 6.7% less than a year before. In Spain as a whole, home sales decreased by 18.4% year-on-year.

The purchase and sale of housing decreased in all the autonomies: Cantabria (-2.0%), Castilla y León (-3.7%), Castilla-La Mancha (-10.6%), La Rioja (10.6%) , Galicia (-10.9%), Asturias (-11.8%), Extremadura (-12.8%), Murcia (-13.5%), Aragon (-16.8%), Madrid (-16 .9%), Catalonia (-17.6%) and Valencian Community (18.3%), Andalusia (-21.5%), Basque Country (27.4%), Balearic Islands (-30.7%), Navarra (-35.3%) and the Canary Islands.

Fewer mortgages

In July, mortgage loans for home purchases decreased by 25.7% year-on-year in Spain and by 33.2% in Castilla y León, where 1,222 operations were signed. The average amount of these loans was 102,988 euros, 23.2% less than in July 2022, and less than a third (29.9%) of home purchases were financed by mortgage. In this chapter, CyL registers the lowest percentage in the entire country, compared to a national average of 45.9%.

Furthermore, in this type of purchases with financing, the amount of the loan in Castilla y León represented an average 74.8% of the total price of the property.

Mortgage loans for housing did not increase in any autonomy. They decreased less than the national average in Cantabria (-13.4%), Extremadura (-17.7%), Castilla-La Mancha (-20.5%), Madrid (21.5%), the Canary Islands (-22, 4%), Murcia (-23.8%), Asturias (-24.7%) and Andalusia (-24.7%). The declines were higher than the national average in nine other autonomies: Castilla y León (-33.2%) and Navarra (-34.9%), the Basque Country (-32.8%), Galicia (-29.8 %), Catalonia (-28.3%), Aragon (-28.2%), Valencian Community (-26.7%), Balearic Islands (-26.6%) and La Rioja (-26.0%).

Regarding the average amount of these mortgages, the evolution continued to be uneven, as it grew in five and decreased in 12 communities.

Data from the Notarial Statistical Information Center also reveal that in July 2023 208 companies were established in Castilla y Leónwhich represents a year-on-year increase of 6.7% compared to the 5.1% year-on-year increase registered in the country as a whole.

The creation of new companies increased in 13 autonomies, highlighting the increases in Extremadura (26.6%), Catalonia (15.2%) and the Basque Country (14.3%), and decreased in four: Madrid (-7 .0%), Cantabria (-5.8%) and Navarra (-4.1%).

Tom Roeser Staff

Tom Roeser Staff

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