Mortgages increase

ANDALUCIA had the highest number of home mortgages during October 2014.

A total of 3,329 new mortgages were registered in the region, contributing to the overall national 18 per cent rise in the number of mortgages, year-on-year. October was the fifth consecutive month to register increases in Spain.

According to the National Statistics Institute, a total of 17,687 new mortgages for the purchase of homes were signed in Spain in October. The total capital loaned for the constitution of these home mortgages was €1.7 billion, which is nearly 15 per cent more than the previous year, while month-on-month (October over September) this figure registered a decline of 15.2 per cent.

The average home mortgage is €99,866 and El Pais has reported that the total number of mortgages constituted in October grew by 9.4 per cent year-on-year. A total of 25,937 mortgages were on urban properties, representing an increase of 9.1 per cent over October 2013.

Mortgages on rural properties also rose.

The regions which saw the biggest increases were Andalucia (3,329), Madrid (2,942) and Catalonia (2,694).