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ARCHIVED - 32 per cent fall in Murcia property mortgage activity during September
The drop comes exceeds the decrease in sales as the August data spring surprises all over Spain
Earlier this month statistics were published which showed that property sales in Murcia rose by 3 per cent in September, coming close to an 8-amd-a-half-year high, but more data which were made public this Friday show that there was a very pronounced decrease in mortgage activity during the month, with 31.8 per cent fewer loans being taken out than in September 2018.
The number of new mortgages registered on residential property was just 591 as opposed to 866 in September 2018, a drop which was mirrored to a greater or lesser extent in all of the other 16 regions of Spain: the nationwide total fell by 31.6 per cent, with the sharpest decrease being reported in La Rioja at 63.7 per cent.
Back in Murcia, meanwhile, the average loan capital of 79,459 euros was almost slightly lower than that of the previous month, although in general this can be a rather volatile statistic in the Region, ranging between 70,000 and 100,000 over the last 18 months.
It appears, then, that rather than entering a period of stability the property market is becoming significantly less dynamic in Spain at the moment, possibly in part due to the continuing uncertainty over the country’s political future, the generalized slowing down of the economy and the feeling that unemployment is no longer falling as significantly as it has over the last 5 years or so. In Murcia the signs are still inconclusive – after all, the latest sales figures were higher than last year – but in terms of mortgage activity the longer-term picture shows that the fall in September is part of an on-going slowing down in the Costa Cálida: the running 12-monthly total for property mortgages stands at 8,333, representing a decrease of 0.1 per cent over the last 12 months (but an increase of 70 per cent since the market bottomed out in the spring of 2014), while in Spain there has been a rise of just 3 per cent over the same period.
To view a wide range of properties for sale across Spain consult the Spanish property page.
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