Balearics leads Spain's drop in mortgaged property in June

PALMA
THE number of mortgaged properties in the Balearics registered a 51.9 percent decline in the year-on-year rate last June, to stand at a total of 318 homes per 100'000 inhabitants.

The National Institute of Statistics (INE) reported yesterday that the decline across the country was 37.73 percent, 14.2 points less than the fall in the Balearics where the average mortgage taken out on properties rose by 14.08 percent in comparison with June 2007, to stand at 217'632 euros.

In this respect, the Balearics was the region of Spain with the second highest average figure for mortgages on property in both rural and urban areas during June this year, beaten narrowly by Madrid where the average mortgage sum was 218'157.

According to the National Institute of Statistics, the amount of money lent in the Islands for this type of mortgage last June rose to 572.5 million euros with the total number of mortgaged properties in that month standing at 2'631.

The INE also reported yesterday that the total number of mortgages with changes in their conditions documented in June rose to 505. Of this figure, 321 were related to private homes.

With regard to cancellations, there were a total of 1'346 mortgages written off in the Balearics during June this year. Of the number cancelled, 60 related to rural property, 843 were in the category of private homes, 64 were connected to plots of land and the remaining 398 were linked to town-based building ownership.

The regions of the country which registered the highest number of changes in mortgage conditions in June for every 100'000 inhabitants were Valencia (186) and Castilla-La Mancha (131). Valencia and Murcia were the regions which registered the highest number of cancelled mortgages per 100'000 inhabitants with 221 and 208 respectively.

In national terms, the number rate of mortgaged properties registered a year-on-year fall of 37.73 percent in June to level out at 69'239 properties. The average amount of mortgage taken out on homes fell by 4.56 percent in respect of June 2007 to level out at 141'939 percent, 0.7 percent higher than that registered in May this year.