34 Percent Drop in Mortgages Recorded in May in the Balearic Islands

To lower prices However, according to experts, the number of mortgages for apartments and houses will decrease not lead. “There are less and less offers on the market,” says José Miguel Artieda, President of the Balearic Realtors’ Association API increased interest rates increasingly difficult for home builders to gain the goodwill of the banks at all. On average, according to Artieda, the monthly mortgage amount is currently 300 euros above the value from a year and a half ago.

Between January and June took place in the Balearic Islands as a whole 5,454 buyers of home ownership one mortgage on. Although this figure was significantly below that of the previous year (minus 17 percent), the total volume was the same an increase of five percent: 1.8 billion euros. Home builders let their banks average 343.500 Euro finance. According to Artieda, the trend of the first half of the year will be reflected in the second half of the year continue. In addition to the negative factors such as high interest rates and low supply missing building land. “This Development settled before the pandemic began foresee“, said Ardieta.