BALEARIC citizens paid 55 percent of their income in mortgage payment during the first six months of 2007, some 3.92 percent more than in 2006, according to figures from the College of Registrars on the islands.
This statistic shows that the average mortgage in the Balearics during the first six months of the year was 165'443 euros, in comparison with the 157'012 euros of 2005 (151'505 euros throughout Spain), as the costs have risen by six percent on the islands during this period.
According to the figures, the average salary has also risen in the Balearics, from 1'497 to 1'608 euros and the average monthly payment for mortgages has gone from 766 euros a month in 2006 to 886 euros during the first six months of this year.
This is due, according to the head of the Balearic College, Juan Jose Delgado, to the increase in interest rates. The average duration of a mortgage has also risen, from 328 months (27.3 years) to 331 months (27.5 years). This amount of time is higher if the mortgage is taken out with a savings bank (341 months) as opposed to a bank (328 months).
The College's figures show that Balearic citizens prefer to get their mortgage from a savings bank (55.69 percent), whereas 39.89 percent go to the bank.
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