Euroresiuk

Mortgage lending in 2009 in Spain

Second highest fall in mortgage lending in 2009

According to figures released by the Spanish National Institute of Statistics the number of mortgages taken out for the purpose of buying a home fell for the third consecutive year in 2009. Mortgage lending for this sector of the property market fell by 21.9% in 2009 which is the second highest fall on record. The actual number of mortgages taken out for buying a home last year was 653,173.

However although the fall in mortgage lending last year was the highest on record after the falls registered in 2008 the amount by which it fell was moderated during the final months of the year. In fact mortgage lending for this sector of the property market rose slightly in November, the first rise in two and a half years, and fell by just 1.3% in December.

The amount of an average mortgage also fell by 15.7% last year to 117,688 euros.