Mortgage signing skyrockets in the Canary Islands, almost 78% in February

The average interest rate at which they were granted was 3.33% and the average term to pay them is 23 years

April 24 2024 (10:21 WEST)
Mortgage signing
Mortgage signing

The number of mortgages on homes established in February in the Canary Islands skyrocketed 77.8% compared to the same month of 2023, to stand at 1,975, as collateral for loans totaling 121.58 million euros, according to data published this Wednesday by the National Institute of Statistics.

In Spain as a whole, the number of mortgages on homes signed increased last February by 3.8%, the first year-on-year increase in twelve months, to reach 37,232 contracts, and grew by 12.4% compared to the previous month.

According to data published today by the INE, the average amount of these mortgages decreased by 5.2% year-on-year, to 136,145 euros, and also fell compared to January, by 1.5%.

Likewise, the average interest rate at which new mortgages on homes were granted in February was 3.33%, and the average term was 23 years. 44.7% of these loans were constituted at a variable rate and 55.3% were at a fixed rate.

The capital lent by the entities for this type of mortgage also decreased in February, by 1.6%, to stand at 5,068 million euros, although it grew by 10.8% compared to January.

For all types of mortgages, that is, for the purchase of housing and to acquire urban and rural properties, the entities had granted 7,742 million euros at the end of February, 3.4% less than a year before and 3.2% less than in January, according to these data.

The communities with the highest annual variation rates in the number of mortgages on homes constituted in February after the Canary Islands were Navarre (64.6%) and the Balearic Islands (41.5%).

For their part, those that presented the greatest decreases in their annual rates were Cantabria (20.5%), Castilla–La Mancha (20.1%) and Andalusia (16.3%).

 

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