More than 60 per cent of homes bought in Spain without a mortgage
Monday, June 17, 2013 @ 9:02 PM
OVER six in 10 homes in Spain were purchased without a mortgage in the first quarter of this year, suggesting that the housing market is far from on its knees and not everyone has been hit by the recession.
According to the General Council of Notaries, a total of 60.8 per cent of buyers dispensed with mortgage-lenders when buying properties between January and March inclusive.
But not all of these were bought outright in cash – many purchasers bypassed the banks by taking out loans directly from the developer in the case of new builds or properties that have never had an owner, or took advantage of the 'rent-to-buy' scheme which many developers are now offering in a bid to get shot of their plethora of empty homes.
Read more at thinkSPAIN.com