Post by account_disabled on Mar 13, 2024 8:07:13 GMT -2
Young people are losing ground in the home buying and selling market. According to the 15th Real Estate Barometer published by the Real Estate Credit Union (UCI) and the Spanish International Realty Alliance (SIRA), currently only 18% of sales transactions in agencies are carried out by people under 35 years of age, a figure that has fallen close to 14% in just one year.
According to the study, based on a survey of Phone Lead more than 300 real estate professionals, only 4% of those under 35 years of age choose buying a home as their first option to become emancipated, compared to the 96% that renting represents, either individually or in a shared apartment.
And three out of four young people need the financial support of their parents to buy their first home, in addition to applying for a mortgage loan, while only 22% purchase their property with their own savings and a mortgage.
The barometer points to job instability, low salaries, housing prices and lack of savings as the main challenges for young people in accessing home ownership and recalls that, according to data from the Bank of Spain, in In the last decade, the number of owners under 35 years of age has decreased by 33%.
A scenario that, however, will not be able to solve the arrival of the new Housing Law, which came into force on May 26. According to the barometer, 84% of the real estate agents surveyed assure that the new regulations will not facilitate young people's access to housing. And he warns that "we must be attentive to the evolution of younger buyers and strive to offer solutions that make the acquisition of a first home more accessible among this group."
In this sense, the most notable measure in recent weeks has been the announcement by the Government of public mortgage guarantees for young people and solvent families , but who do not have savings. A proposal defended by the construction sector , which also calls for the return of housing savings accounts.
The professionals, more pessimistic
But the current pessimism of real estate professionals goes beyond young people. Asked about the moment of the market, the average score of the survey is 6.3 out of 10, being the lowest in the 15 editions of the barometer during the last three years , mainly due to economic uncertainty and the increase in financing costs. . The most optimistic are the agents from Aragon, Castilla-La Mancha and the Valencian Community, while the most pessimistic are those from La Rioja, Asturias and the Basque Country.
According to the study, based on a survey of Phone Lead more than 300 real estate professionals, only 4% of those under 35 years of age choose buying a home as their first option to become emancipated, compared to the 96% that renting represents, either individually or in a shared apartment.
And three out of four young people need the financial support of their parents to buy their first home, in addition to applying for a mortgage loan, while only 22% purchase their property with their own savings and a mortgage.
The barometer points to job instability, low salaries, housing prices and lack of savings as the main challenges for young people in accessing home ownership and recalls that, according to data from the Bank of Spain, in In the last decade, the number of owners under 35 years of age has decreased by 33%.
A scenario that, however, will not be able to solve the arrival of the new Housing Law, which came into force on May 26. According to the barometer, 84% of the real estate agents surveyed assure that the new regulations will not facilitate young people's access to housing. And he warns that "we must be attentive to the evolution of younger buyers and strive to offer solutions that make the acquisition of a first home more accessible among this group."
In this sense, the most notable measure in recent weeks has been the announcement by the Government of public mortgage guarantees for young people and solvent families , but who do not have savings. A proposal defended by the construction sector , which also calls for the return of housing savings accounts.
The professionals, more pessimistic
But the current pessimism of real estate professionals goes beyond young people. Asked about the moment of the market, the average score of the survey is 6.3 out of 10, being the lowest in the 15 editions of the barometer during the last three years , mainly due to economic uncertainty and the increase in financing costs. . The most optimistic are the agents from Aragon, Castilla-La Mancha and the Valencian Community, while the most pessimistic are those from La Rioja, Asturias and the Basque Country.