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Lowest mortgages rates over the last 10 years

The average mortgage rate in Spainis at lowest in the past decade, down from 100,000 euros, corresponding in July to 98,892 euros, 10.5% less than this same month last year.

Experts point to a global price adjustment in properties in Spain and to the country 's credit crunch as key factors explaining this regression, which follows a specific local trend existing before the housing crisis.

Housing prices in Spain have dropped by 28% since the crisis began and this fact, combined with a steady decline in the number of new mortgages, has dragged the average price, and they now represent the lowest value in the last 9 years.

However, interest rates remain high, 4.2, well above Euribor rates and last year's mark.

The situation is quite more abounding for buyers with liquidity: investing in a house in Spain is still a safe choice, cheaper and easier than years before. The loss of value in such properties has not been registered even in the worst years of the crisis.

What's more, banks are working in order to maintain the value of their assets at all costs. Even the Government says that toxic assets transferred to bad banks should guarantee market's prices.

By Iris Gruenewald

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