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Balearics have third highest mortgages in Spain

The average mortgage in the Balearics in the first quarter of 2019 was 148,771 euros, | T. AYUGA

Majorca Daily Bulletin reporterPalma27/08/2019 04:01

According to the College of Registrars, the average mortgage in the Balearics in the first quarter of 2019 was 148,771 euros, the third highest in Spain behind the Madrid region and Catalonia. It was practically double that in Extremadura, where the average was almost 75,000 euros.

The level of mortgage debt in the Balearics is not as high as it was prior to the financial crisis. In the first quarter of 2008, the average was 167,658 euros, but the current level is certainly above the minimum, which was around 130,000 euros in 2014.

The increase since then has been mirrored nationwide.

The college points to a moderation in that in the final months of 2018 there was a 13% decrease in the amount of mortgage credit. Nevertheless, property prices in the Balearics continue to be among the highest in the country.

Moreover, the average 40.8% of monthly salaries in the first quarter which was dedicated to mortgage repayments was also pretty much double that in Extremadura - 22.74%.