Mortgage amounts have risen by 70% in a decade in the Balearic Islands
The archipelago is the fourth community with the largest increase, behind Madrid, Andalusia and the Valencian Community
PalmThe average mortgage amount in Spain for home purchases has risen in a decade, from just over €100,000 to nearly €170,000 between August 2015 and the same month this year, an increase of almost 63%. In the Balearic Islands, the increase has reached 70%. The archipelago is the fourth region with the largest increase, behind Madrid (95%), Andalusia (77%), and the Valencian Community (74%). According to data from the National Institute of Statistics (INE), in August 2015 the average mortgage amount for home purchases was €104,318, compared to €169,650 in August of this year, the most recent month for which data is available. This average increase of 63% falls slightly short of the overall rise in housing prices this decade, a period in which the price per square meter has increased from €1,524 to €2,679, representing a difference of nearly 76%.