Number of Spanish mortgages granted increases

Statistics released today depict the number of mortgages granted in Spain increased during the month of March.

The data, published by the Spanish National Institute of Statistics (INE), show a 2.4 percent increase in mortgages granted to prospective homeowners compared to the same month last year.

The INE figures report that the average mortgage awarded was for 116,345 euros, an overall decline of 2.6 percent on 2009. As a result even though more loans were granted, the total amount of money loaned out was 6,225 million Euros, an overall decrease of 0.3 percent on 2009.

However, the decline could be partly attributed to falling house prices as a result of the economic crisis.

The areas of Spain where the increase in the number of mortgages awarded was greater than the national average are the Basque Country and Asturias, both in the north of the country, while the central regions of La Rioja and Aragon, saw a fall in the number of mortgages granted.