mortgage reviews Housing fell more than 21 percent Up to 273,000 operations and operations in the first nine months of 2023 Appraised amount decreased by 19%According to data from the Spanish Association for Value Analysis (AEV), which includes 22 companies representing 86% of operations.
This disruption became more pronounced in the third quarter of the year as the usual holiday and growth associated with the summer season became more pronounced. acquisitions living space advance AEV general secretary Paloma Arnaiz made the statement as a result of the uncertainty regarding the development of interest rates.
Arnaiz added that from now on, mortgage appraisal activity levels are expected to trend towards some degree of recovery, with slightly more positive expectations for interest rates in the coming months.
Despite this decline, there is also Slowdown in sales due to increase in financing costs, the average appraisal amount for valuable homes increased by 2.8% to 236,000 euros; This shows that homes with higher average values were assessed in the first three quarters of 2023 than in previous years. Mortgage appraisals of the properties in the project decreased by 38% to 5,100, but their total amount increased by 2.3%. Regarding rehabs, assessments fell 28.4% to 586, but the amount increased by almost 80%.
In total, appraisals not only for housing but also for mortgage purposes fell by 14.5% in this period (18% if we compare the third quarter figure only) to 435,600, making a total figure 7.6% lower. In global assessments, AEV members have completed approximately 753,000 full assessments through the third quarter of 2023; This figure is 11.7% less than in the same period in 2022.
When we look at the general appraisal amount, there was a decrease of 4.8%. Up to €273,000 million. Additionally, 10.5% fewer valuations were carried out for accounting purposes by financial institutions (used to track the value of real estate portfolios) and 257,000 transactions were recorded for a 2.5% lower total valuation amount.
58% of the valuations correspond to the mortgage market, 34% to the accounting field of financial institutions, and approximately 8% to valuations for other purposes (advice, expert, etc.).