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Mortgages Fell by 28% in March, with Decreases of More than 37% in the Balearic Islands and Aragón

The number of residential mortgages constituted in March registered an interannual decrease of 14.6% to 26,382, whilst the average amount loaned increased by 1.6% to €127,888, according to INE.

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Beach in Mallorca

The number of residential mortgages constituted in March registered a year-on-year decrease of 14.6% to 26,382, whilst the average amount loaned increased by 1.6% to €127,888, according to the National Institute of Statistics (INE). That figure is the lowest in a month of March since 2016, when 23,065 mortgages were signed. However, over the past year, following the implementation of the new Mortgage Act, fewer mortgages were signed in several months: e.g. in August 2019, 20,385 residential mortgage operations were registered and in September, 22,488.

In March 2020, the value of the mortgages constituted over urban properties amounted to €5.6 billion, down by 6.1% compared to the same month in 2019. In the case of all properties, the average amount increased by 10.7% to €161,783. And in the housing sector, the total capital loaned stood at €3.3 billion, down by 13.3% in inter-annual terms.

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