Mortgage loans rise by nearly 25pc

14 April 2004

MADRID – Spaniards have taken out nearly 25 percent more mortgages in the past year, according to a report from the Spanish Mortgage Association.

The increase has surpassed all forecasts from financial institutions.

The number of loans have risen 24.1 percent in February over the same period last year.

In all EUR 483,058 million more was given out in loans.

This has been the highest increase registered since the mortgage sector began expanding in 1996.

Experts’ 2003 forecasts of a deceleration in morgtage loans have also been proven wrong.

New mortgage loans registered a monthly total in February 2004 of EUR 8.3 billion, for a year to date figure of EUR 15.1 billion –  23.9 percent higher than the same period last year.

In absolute figures, savings banks are in the lead in terms of mortgage loans granted, with a February 2003 to February 2004 total of EUR 200 billion, followed by banks (140,837 million) and co-operatives (22,509 million).

[Copyright EFE with Expatica]

 Subject: Spanish news