Category: News
The recent updates in terms of taxes for the purchase of homes, the evolution of prices per square meter in properties, the mortgage environment, interest rates and the average Euribor, as well as national and regional assistance for the acquisition of a first home ownership, are key aspects for those who plan to buy their home in 2024.
At ART Inmobiliaria , we are committed to providing detailed information about the current situation of the real estate market, allowing you to make informed decisions that fit your financial situation, budget, and personal and family interests. What can you anticipate for next year if you intend to purchase a property? Keep alert!
What information is essential for those planning to buy an apartment in 2024?
Persistence of the increase in housing prices
In 2024, a continuation of the increase in home prices for sale is expected due to strong demand and limited supply. Although projections indicate that the evolution of mortgages and the decrease in sales transactions could affect the price per square meter, constant demand and limited supply may maintain upward pressure on prices for much of 2024.
How will the Euribor be in 2024?
After two years of increases in the Euribor, the most recent data suggest that it has reached its peak, leading experts to indicate a possible change in trend in this index used to calculate mortgage interest. According to the forecasts of Bankinter's Analysis Department, the 12-month Euribor is expected to reach approximately 3.90% in 2024 . This could translate into more affordable mortgage payments for those looking to obtain a loan compared to previous months, as long as these projections are met and the Euribor continues to decline.
What are the taxes and expenses when buying an apartment?
In 2024, the expenses and taxes associated with the purchase and sale of an apartment will continue to be relevant. In addition to the purchase price, you must consider the following additional costs:
- Notary fees, which range between 0.2% and 0.5% of the purchase and sale value.
- Taxes, such as VAT and AJD for new homes, and the ITP for second-hand properties, taking into account the reference value of the Cadastre if it is higher than the price agreed with the seller as of January 1, 2022.
- Expenses of registration, which represent between 0.1% and 0.25% of the sale price.
- Management fees, which are around 300 euros if you hire this service.
In total, depending on the autonomous community and the type of property, you will have to pay an additional cost that ranges between 10% and 12% of the price of the home purchased.
Aid and subsidies for housing
Currently, according to an analysis carried out by Fotocasa, eight autonomous regions have active aid programs aimed at facilitating the acquisition of home ownership. These programs complement the state aid approved by the Government. Before embarking on the purchase of your future home, it is advisable to examine the specific assistance available for housing in your autonomous region. Check the possibility of benefiting from the solutions that the Government has implemented for those seeking to own a home, especially if you are in the age group under 35 years of age.
Although the 20% ICO guarantee line for the purchase of homes has been approved, it is currently not available. However, in autonomous communities such as Murcia, Andalusia, Madrid or the Balearic Islands, open calls for similar guarantees for the purchase of homes have been announced.
If you need help buying your apartment in Valencia, do not hesitate to contact ART Inmobiliaria , we will be happy to help you.
