The capital loaned for the purchase of houses in the region was more than 613 million
According to data from the National Institute of Statistics (INE), obtained from the Property Registries, in Asturias last year 7,589 home sale transactions were recorded, which represented a fall of 9% compared to 2019. In parallel According to the same source, in the Principality a total of 6,555 home mortgages were constituted in 2020, representing an increase of 5.3%.
Despite the increase in loans that are guaranteed to pay the property and the decrease in the number of real estate sales, 1,034 home purchase transactions were still registered in Asturias without a mortgage in 2020, a year marked by the pandemic and economic difficulties that many families have suffered from the effects of activity restrictions.
Heads of real estate agencies in Asturias pointed out that the percentage of homes bought in cash has remained stable in recent years and is usually lower than in other regions. According to data from the INE, the rate of sale of homes without a mortgage in 2020 was 13.62% in Asturias and 19.72% in the whole of Spain. In communities like neighboring Galicia, the rate exceeds 22%. “Galicians are one of those who pay the most in cash,” he said. Benito Iglesias, president of the Galician Federation of Real Estate Companies (Fegein), who added that the most common profile is that of married couples of 50 or 60 years who decide to buy a flat as an investment with the money they had deposited in banking products of which they have begun to distrust.
In the 6,555 purchase and sale operations that were made with a mortgage in Asturias in 2020, the capital loaned was 613.17 million euros, 3.9% more than the previous year according to INE data. Therefore the average loan was more than 93,000 euros.
79.73% of mortgages in Asturias were signed with banks and savings banks and 20.27% with other financial entities, according to the annual report of the Association of Property Registrars of Spain. 59.64% were agreed with fixed interest and 40.36% with variable interest. 39.84% are referenced to the Euribor index, 0.29% to the IRPH and 0.23% to other indices. The average interest rate contracted was 2.09%.
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