Posted on May 30, 2016 in Property

The latest mortgage statistics published by the National Statistics Institute on Friday showed  that the number of new mortgages constituted on homes listed in the property registers in Spain stood at 22,983 in March. This figure represents an increase of 14.5% over the same month of 2015.

However, El Economista reported that the March advance, with which home mortgages accumulated 22 consecutive months of increases, is 1.4% more moderate than the rise registered in February, when the number of new mortgages on homes climbed by 15.9%.

In March, the average value of the mortgages constituted on homes stood at 107,861 euros, which is 4.8% more than in the same month of 2015, while the capital loaned increased by 20% year-on-year, to 2,478 million euros.

Month-on-month (March over February), the number of home mortgages fell by 7.7%, representing their biggest decline in this month since 2013, while the capital loaned fell by 8.2% month-on-month.

In the first quarter of the year, home mortgages accumulated an increase of 13.7%, with increases of 14.9% in the capital loaned and 1.1% in the average loan value.

The regions which recorded the greatest number of new mortgages on housing in March were Andalucía (4,712), Madrid (3,884) and Catalonia (3,570), while the regions with the highest year-on-year increases in home mortgages were the Canary Islands (+121.2%), Extremadura (+55.1%) and Andalucía (+37.4%). In contrast, the largest decreases, year-on-year, were registered in Navarra (-27.8%) and Cantabria (-14.1%).

Moreover, according to the Institute’s data, the regions where most capital was loaned for the constitution of mortgages on houses were Madrid (600 million euros), Catalonia (465 million) and Andalucía (426.6 million).

Some 87.6% of all the mortgages constituted in March were of a variable interest rate type, compared to 12.4% which were of a fixed rate type, and the Euribor is the reference rate most used in the constitution of variable interest rate mortgages, appearing in 94.3% of the new contracts.