Wednesday, May 28, 2008

Spain Mortgages March 2008

According to data from the National Statistics Office (INE), the value of mortgages constituted on urban buildings in Spain was approximately 16,575 million euros in March, representing a year on year decrease of 36.7%. In housing, the capital loaned exceeded 9,975 million euros, 41.9% less than in March 2007. 105,608 properties were mortgaged in March 2008, a decrease of 37.77% over March 2007.

During the month of March the average amount per mortgage constituted was 164,637 euros, 1.5% more than for the same month in 2007 and 2.8% lower than that recorded in February 2008. In the case of mortgages constituted for housing, the average amount was 141,725 euros, 3.8% less than the same month in 2007, and 4.9% lower than the figure registered in February 2008.

97.9% of the mortgages constituted in March used a variable interest rate, as opposed to the 2.1% that used a fixed rate. Within the variables, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 86.8% of new contracts.

The average value of the mortgages signed in March increased by 1.5% on a year on year basis and reached 164,637 euros. The number of mortgages changing conditions increased by 1.6% and registered cancellations decreased by 33.8%.

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