Ceska sporitelna mortgages rose 90% in 2011
The volume of mortgages Ceska sporitelna awarded to clients in 2011 rose by 90 percent, compared to 2010, achieving a volume of CZK 30bn. In 2010, the 11,143 mortgages the bank gave out to home buyers was worth just CZK 19.8bn.
"The mortgage market in 2011 increased dramatically," said the bank's director of retail products Veronika Jancova. "Lower real estate prices combined with lower interest rates contributed to the marked interest. As for this year, we expect the volume of newly approved loans will go down slightly compared to 2011, but the good conditions for securing mortgages will remain."
Fincentrum Hypoindex, which tracks Czech mortgage rates, reported that January rates remain largely unchanged at record low levels, just as they were in December. The long-term reduction in prices appears to have ended, but the company sees no evidence of a turn upwards. The average rate in January rose just 3 basis points to 3.59 percent. However, the number of loans approved in January fell 5,443, which is nearly 2,000 less than in December.
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