The mortgages of 2022

  • 2 years ago
  • Uncategorized

2022 is expected to be a very favorable year for the Spanish mortgage market. In fact, the demand for housing increased last year and mortgage lending soared to record its best figures in more than a decade.

The crisis of the pandemic has greatly influenced this. And the fact that they have been confined for so many months has meant that housing has taken on a leading role never before seen. In the precovid era we valued other aspects of our lives. However, we now give importance to elements of the home such as space, having natural light or having outdoor spaces and communal areas. Investing in our housing has become a priority.

Nowadays, it’s one of the best times to apply for a mortgage. We’ll explain why.

Why is 2022 a good time to take out a mortgage?

It is estimated that more than 400,000 mortgages were granted in Spain during 2021, representing an increase of almost 20% over the previous year. All this despite the fact that 2021 was a complex year due to the consequences of the health crisis on the economy. We tell you the reasons why it will be a good year for mortgages in Spain.

The recovery of the Spanish economy

If we consider that experts’ forecasts point to 2022 being a great year for the Spanish economy, thanks to the recovery in the labour market and the growth of GDP, it will also be a great year for the sale of homes and, with it, the granting of mortgages.

Rates are expected to continue to fall

The low interest rate will be another major factor contributing to mortgages. It is expected to remain low throughout 2022. In fact, interest rates are currently at 2.55%, a record figure that, together with the Euribor, which has reached a value of -0.468%, has meant that many Spaniards have not hesitated to apply for a mortgage.

Green mortgages are on the rise

Alongside these, green mortgages are also gaining ground. These mortgages are those intended to finance the purchase, construction or rehabilitation of energy-efficient homes. Therefore, they allow the purchase of buildings with an energy rating of A or B, the construction of efficient houses or the rehabilitation of old houses to make them at least 30% more efficient.

Real estate remains an attractive asset for investors
Nowadays, unlike a few years ago, having money in the bank offers very little return. For this reason, buying a home in our country is always profitable, especially for small investors. And more so now that financial institutions are offering such interesting offers.

As we were saying, the pandemic has placed housing at the centre of everything. This has happened both in Spain and in other European countries; in fact, the bet of teleworking combined with the quality of life offered by our country, has led many European families to move to Spain.

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