According to the National Statistics Institue (INE), the number of mortgages signed in December fell by 12.5% compared to the previous month, making it twenty consecutive months of decline.
Overall in 2011, a total of 653,824 mortgages were signed, a drop of 32% compared to 2010 and the total amount of these loans was €77.962 million at year’s end, 36.4% less than at the end of the previous year. The average mortgage loan value also fell, down by 4.3% to €111,950.
The downward trend affected all the regions in Spain.