The twelve-month Euribor closed March at 2.565%, three tenths above February's figure, in a rebound that puts pressure back on variable mortgages and coincides with a new increase in housing market prices in Girona, where the price of second-hand homes rises 13% year-on-year.
The most used mortgage indicator in Spain signed in March its highest level since October 2024. It also left the most intense monthly rise since October 2022, when it advanced almost four tenths to 2.629%. The rise occurs in a context marked by international tension derived from the war conflict with Iran and by the rising cost of energy in Europe.
More cost for variable mortgages
The rise of the Euribor will have an effect on the revisions of the installments for those who have variable loans referenced to this index. In a mortgage of 150,000 euros over 25 years, with an interest rate of Euribor plus one point, the increase is around 130 euros annually. In the case of a loan of 300,000 euros under the same conditions, the rise reaches 260 euros per year.
In parallel, the European Central Bank has started to make a move to prevent inflation from shooting up again. The background is the increase in energy costs in Europe, very exposed to imports, a factor that adds uncertainty to the financial market and to housing access.
Girona exceeds the 3,000 euros per square meter
In the province of Girona, the average price of second-hand housing stands at 3,133 euros per square meter, with a year-on-year increase of 13%. The demarcation thus ranks among the nine Spanish provinces that exceed the 3,000 euros per square meter barrier.
Ahead of Girona are Balearic Islands, Madrid, Malaga, Gipuzkoa, Santa Cruz de Tenerife, Barcelona and Biscay. In the case of Barcelona, the average price reaches 3,666 euros per square meter, above the Girona record.
Six months of sustained increases
"There have now been six consecutive months with year-on-year increases exceeding 18%, which shows that the trend is clearly consolidated" - María Matos, director of studies at Fotocasa
The evolution of the Euribor and the rising cost of housing paint a scenario of greater economic effort for many families. In Girona, where the residential market maintains a clearly upward trend, the increase in financing costs adds extra pressure to those looking to buy a home or facing an upcoming review of their mortgage.