Mortgages in Catalonia grow 51.1% in a year

Barcelona (CNA).- The annual rate of mortgage borrowing increased substantially in the last 12 months, thanks to increasing confidence in the economy. The average amount borrowed for a mortgage in Catalonia in June was €134,509, according to figures published by the National Institute of Statistics of Spain. This figure is higher than the average Spanish mortgage, which stands at €112,516. In total, the amount borrowed for mortgages in Catalonia in June was €559.7 million, a 72.7% increase in comparison to June 2015 and a 10.8% increase in comparison to May 2016. Up to 4,161 mortgages were sold in Catalonia in the first month of summer.

In Spain, the number of mortgages sold in June was 25,274, a 15.5% increase compared to the same month in 2015. Their average amount, €112,516 euros, included a 7.5% annual increase. The total amount borrowed for mortgages in Spain in June was €2,843.7 million, 24.2% more than in June last year. However, mortgage sales decreased by 4.9% between May and June 2016 in Spain.

Up to 76.6% of mortgages sold in Spain in June had a variable interest rate, while 23.4% had a fixed rate. Euribor continues to be the most used reference for variable interest rate mortgages, applying to 93.6% of the new contracts. The average interest rate in Spain is 3.6% and the average loan runs for 22 years.