Staff Reporter
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.
And there I was thinking all the black money was gone – where’s the Spanish tax avoidance dept. when you need them – I forgot there is’nt one, only a dept. that accepts brown envelopes.