Home sales in Catalonia rose by 1% in June, but mortgage loan formalizations saw an 11% increase compared to the same period last year. This growth extends a positive trend for three consecutive months, with a total of 8,045 mortgages signed in June, according to data published by the National Statistics Institute (INE).
Purchasing homes with financing continues to gain prominence in a strained property market, being used in 85% of transactions. This occurs despite the surge in the Euribor, the benchmark index for most variable-rate mortgages in Spain, which last week surpassed the 3% daily rate barrier for the first time since September 2024.
38.3% of mortgages originated in June were linked to a variable interest rate, averaging 3.07%, the highest level since early 2025. Conversely, 61.7% of loans were fixed-rate, averaging 2.89%, a slight decrease from the previous month and year.
Historically, fixed-rate mortgages have been the majority since January 2021. Before the pandemic, this trend was different, and during the 2008 economic crisis, fixed rates were virtually negligible. However, from 2016 onwards, they experienced exponential growth, rising from 10.2% to 40.2% in just over a year.
According to Òscar Gorgues, manager of the Cambra de la Propietat Urbana de Barcelona, mortgage trends reflect market dynamics: "Investors are less active because they are penalized in Catalonia, and instead, those buying are seeking a primary residence." Gorgues notes that the housing market remains strong but is constrained by a lack of supply.
