In the real estate market of Córdoba, the rise in interest rates has had an impact on the granting of mortgages during the year 2023, with 1,237 fewer compared to the previous year. Despite this, the average loan amount increased by 9% reaching 124 euros. After a year with significant declines, a rebound was observed in both parameters last year.
According to data from the National Institute of Statistics (INE), the number of mortgage loans granted in the region had decreased by 13.7% in 2023, but recovered in the following year. As for the total money mobilized in mortgages across the country, a 14.2% increase was recorded, with a total of 6,236 formalized mortgages, showing an 8.2% increase compared to the previous year.
This scenario was reflected in the strength of the real estate market, which experienced growth in both the number of transactions and the amounts granted. At the national level, mortgage loans on housing increased by 11.2%, slightly surpassing the growth recorded in Córdoba. For the past four months, consecutive increases in this upward trend have been observed.
The economic growth of the province during the year 2024 has also contributed to these positive results. In contrast to the previous year, a GDP growth of 2.3% was achieved, according to the research service of Unicaja. The granting of mortgages in Córdoba totaled 701.4 million euros, with fluctuations throughout the year due to changes in interest rates.
The decrease in interest rates has been a determining factor in the increase in mortgage granting in the region. This decrease in the cost of money has motivated more people interested in acquiring properties to seek financing. Although the growth in mortgage granting was not linear throughout the year, consecutive months of increases in the number of transactions and amounts granted have been recorded since September.
In summary, despite the challenges posed by the rise in interest rates, the real estate market in Córdoba has shown a recovery over the past year, driven by various economic and financial factors that have favored the granting of mortgages in the region.
