Last year there were double-digit drops in the number of mortgages signed throughout the country, except in the Canary Islands, where 15,268 mortgage contracts were established, only 3.8% less than in 2022, according to data from the Association of Registrars.
At a national level, 383,738 mortgages were established on housing in 2023, a decrease of 17.2% compared to the previous year. But there were very sharp falls in some autonomous communities: La Rioja (-36.5%), Cantabria (-21.4%), Galicia (-20.9%) and Aragon (-20.8%).
The smallest drops after the one registered in the Canary Islands occurred in Castilla-La Mancha (-11%), Navarra (-13.5%), Andalusia (-14.5%) and Castilla y León (-15.1%).
One in four mortgages in the Canary Islands is contracted by a foreigner
Nationally, 7.5% of the mortgages constituted on housing in 2023 have been formalized by foreigners, a higher percentage than the previous year (6.6%).
Regarding the total volume of mortgages on housing for foreigners, 28,919 operations have been registered, decreasing by 5.2% compared to the previous year, in line with the reductions observed at the national level, although with a more moderate drop.
In the last quarter of last year, the weight of foreigners in the mortgages granted in the AA.CC. was higher in Balearic Islands (35.63%), Valencian Community (29.39%), Region of Murcia (26.63%), Canary Islands (26.53%), Catalonia (15.94%) and Andalusia (15.12%).
The mortgage payment in the Canary Islands represents 34.1% of the salary
The average mortgage of foreigners in 2023 has been 157,637 euros, with a decrease of 7.8% compared to the previous year, after nine consecutive years of increases. In nationals, the general average mortgage was 140,509 euros, with a decrease of 2% compared to the previous year, which slightly reduces the differential compared to foreigners.
The average interest rate in 2023 has been 3.3% and the average contract term was 24.5 years, 0.3% more than the previous year. The average mortgage payment for housing in 2023 was 706 euros, compared to 647 in 2022, showing a significant increase although still far from the maximums of 2008, when 830 euros were reached.
The average percentage of said payment on the salary was 32.2%. By AA.CC., the situation of Balearic Islands (54%) stood out, followed by Madrid (39%), Canary Islands (34.1%) and Catalonia (33.3%).
