The latest figures released today show that mortgages in Spain are still rising. In February the number of mortgages was 21 percent higher with respect to the same month in 2004 according to statistics released by Spain’s National Statistics Institute.
In February 144,738 properties were mortgaged, 9 percent more than in February 2004 but nearly one and half percent less than in January 2005. Nearly 98 percent of the properties were in urban areas and just over 2 percent were rural properties and land.
During the first two months this year the total amount of loans rose by nearly 22 percent.
According to the new statistics, Spanish savings banks are still more popular with Spaniards looking for a mortgage than Spanish banks, although the main Spanish banks are closing the gap.
Most Spanish banks continue to offer variable interest rate mortgages, and 80 percent of mortgages use the Euribor index as a reference for the rate of interest.