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Number of mortgages increases 32% in Catalonia in February, accumulating 10 consecutive months of growth

The number of mortgages on homes in Catalonia registered a 32.4% increase in February compared to the same figure from February 2014. This annual increase strengthens an uninterrupted trend of 10 consecutive months of annual growth. This figure is particularly important taking into account that the crash of the construction and real estate sectors, as well as the lack of bank loans, were some of the main elements of the double economic crisis that affected Catalonia and the rest of Spain between 2008 and 2014. The recovery of the mortgage market is yet another indicator of a broader recovery of the real estate market and the overall economy, although its effects on some aspects of people's lives will still need time to be noticed, such as in the reduction of the high levels of unemployment.

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28 April 2015 09:46 PM

by

ACN

Barcelona (ACN).- The number of mortgages on homes in Catalonia registered a 32.4% increase in February compared to the same figure from February 2014, according to data released on Tuesday by the Spanish Statistics Institute (INE). This annual increase strengthens an uninterrupted trend of 10 consecutive months of annual growth. This figure is particularly important taking into account that the crash of the construction and real estate sectors, as well as the lack of bank loans, were some of the main elements of the double economic crisis that affected Catalonia and the rest of Spain between 2008 and 2014. The recovery of the mortgage market is yet another indicator of a broader recovery of the real estate market and the overall economy, although its effects in some aspects of people's lives will still need time to be noticed, such as in the reduction of the high levels of unemployment.


Last year, 3,214 mortgages on houses and flats were signed in Catalonia during the month of February. The figure for this year is 32.4% higher than that registered a year ago. This represents the 10th consecutive month of increases in annual terms in Catalonia. In monthly terms, however, February's numbers are lower than those from January, when 3,514 mortgages were signed. However, last January was a particularly positive month, which registered a 35% increase on figures from January 2014 and was the best month in the last 12 years.

In Spain as a whole, the number of mortgages increased by 29.2% on figures from February 2014, reaching 21,298 approvals. These figures represent the 9th consecutive months of annual increases at Spanish level.

The average amount of mortgages in Catalonia was €126,030 this February and in total €405 million worth of mortgages was taken out, an amount representing a 43.4% increase on figures from a year previous but a 5.6% drop when compared to January's figures. In Spain as a whole, the average mortgage value was €109,485 in February.

Regarding the individual Catalan provinces, the number of mortgages significantly increased in all four provinces, although Barcelona and Lleida (in Western Catalonia) led the way. In the Province of Barcelona, where more than two-thirds of the Catalan population live, the number of mortgages grew by 34.5% in February, above the Catalan and Spanish averages. The average mortgage was 137,696 euros. In Lleida Province, mortgages increased in number by 33.9%, and their average amount was 90,312 euros.

In the Province of Tarragona, in southern Catalonia (where the Costa Daurada is located), the number of mortgages grew by 25.9% and the average amount was 82,539 euros. Finally, in the Province of Girona (in north-eastern Catalonia, where the Costa Brava is located) the number of mortgages grew by 25.8% and were 107,696 euros on average.

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  • A flat for sale in the Lleida Province (by ACN)

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