Spanish home buyers prefer to pay cash

LAST UPDATED: 7 Aug, 2014 @ 10:13
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HOME buyers in Spain are preferring to flash the cash rather than take out a mortgage, according to new data. And Andalucia is benefiting most from their new financial freedom.

Only 30% of home purchases in the country are made with the help of a mortgage, according to Euroval’s latest Spanish Real Estate Situation report.

An incredible 70% are financed without a mortgage or paid for in cash – up from 65% in 2007.

According to the report, Andalucia saw the highest number of home sales, with 19.4% of the total, followed by Valencia with 15.4%, and similar shares for Catalunya and Madrid.

Together, these four regions account for 64% of all the housing transactions in Spain.

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