April Mortgage Figures for Spain Released
June 28th, 2010
According to data published today by the National Statistics Institute, the number of mortgages issued in April has fallen by 4.3% compared to the same month last year, the drop being attributed primarily to a 31.6% fall in the number of mortgages issued for rural property, compared to a 2.4% drop for urban mortgages. The average value of all mortgages in March was 129,374 euros.
However, a closer look at the figures shows only a marginal drop for the residential mortgage market, they were down by only 0.2% on last year, a relatively minor change after experiencing increases of 2% for three consecutive months. The average amount of these mortgages was 114,132 euros.
In total, 5.745 million euros was paid out in mortgages during March for the purchase of property in Spain, a decrease of 1.1% over the previous year, with 95.4% of all loans issued being referenced to a variable interest rate and the remainder provided with the fixed rate option.
Castilla La Mancha and Asturias were the regions in Spain that demonstrated the highest increase in the number of mortgages issues, with a 27.4% and 19.7% rise, respectively. While at the opposite end of the scale, La Rioja and the Canaries saw the biggest drop, falling by 42.6% and 26.1%, respectively.
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