Mortgage Signing in July Rises 45.4% in the Canary Islands

The number of mortgages taken on homes registered in the property registers in the Canary Islands stood at 1,221 in July, which shows an increase of 45.4 percent compared to June, although in one year it has registered a decrease of 2 percent in total, as reported this Monday by the National Institute of Statistics (INE), which recalls that the data comes from public deeds made previously.

The capital borrowed in the archipelago totalled 122.9 million euros, shows an increase of 40.5 percent compared to the previous month, although in the interannual data there was a drop of 8.2 percent. 

Regarding the national group, the mortgage firm stood at 26,014 last July, a figure that is 23% less than in the same month of 2019.

With the year-on-year decline experienced in July, which worsens the June drop by more than ten points, the mortgage firm on homes has recorded five consecutive months of negative year-on-year rates after the decline of 14.6% experienced in March, when the state of alarm due to the health crisis was initiated, the 18.4% drop in April, the 27.6% drop registered in May and the 12.7% decline in June.

According to data released by the INE, the average amount of mortgages on homes rose 8.9% compared to July 2019, to 132,346 euros. However, the capital loaned fell by 16.1% in the interannual rate, to 3,442.8 million euros.

In monthly terms (July over June), the number of home mortgages fell 2.7%, while the capital borrowed fell 2.2%.
In both cases, it is their biggest monthly decrease in a month of July since 2018.