Fall in Spanish Mortgage Lending

By Costa Tropical Properties • March 26, 2009

The number of mortgaged homes in January fell 43.5% compared to same month of 2008, to 53,017, while the borrowed capital for these transactions amounted to 6,472.9 million euros, representing a decrease of 51 7%.

According to the National Statistics Institute (INE), the average amount of mortgages on housing, fell for twelfth consecutive month in January and stood at 122,091 euros, 14.5% less than the same month of 2008.

In November, the capital provided for the total urban estates joined 12,002.4 million, 43.8% less compared to January 2008, and the number of mortgaged farms fell 38.6% over the same period , to 82,614.

Moreover, the regions with the highest average amount mortgaged were the Community of Madrid, with 219,242 euros, and Navarre, with 202,079 euros.

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