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Balearic Islands where more fixed mortgages are signed

Posted by Michel B. on 06/11/2019

Baleares has taken the lead in 2019 and has been crowned as the Spanish region where more fixed mortgages are signed.

According to the data of the registrars, in the first quarter of the year 55.3% of the loans for the purchase of housing signed in the archipelago were referenced at a fixed interest rate, a percentage that far exceeds the national average (40 , 6%) and relegated to the background to Asturias and Murcia, which had been the market references in recent quarters, along with Catalonia, which has remained in second position with 51.59%, followed by Murcia ( 50.37%).

In the final stretch of last year, however, Murcia and Asturias were the most prominent in the ranking, with more than 54% of operations. But between January and March, Asturias has continued to lose its bellows: with 46.6% of fixed-rate loans, it occupies the sixth position in the ranking by being behind Comunidad Valenciana (49.49%) and Galicia (49.42 %).

However, where there have not been many changes it is at the bottom of the table, since Madrid, the Basque Country and Extremadura are still the three communities where the fixed rate is less ‘heavy’. In fact, they are the only ones where the percentage is less than 30%.

Foreigners, keys

Although fixed-rate mortgages are settled throughout Spain, driven by many clients who seek the peace of mind of knowing the exact fee they will pay each month for the duration of their mortgage loan, it is important to highlight the role of the buyer foreigner, much more accustomed to this type of mortgages than the national client, and the fact that they are much more common loans when it comes to financing the acquisition of second homes than usual homes.

Moreover, in the first three months of the year, the Balearic Islands has been the community in which the most foreign homes have bought (27.4%), followed by the Canary Islands (27.39%). This means that 27 out of every 100 houses sold in these autonomies have a foreigner behind.

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