Czech mortgage market grew by 3%

Czech mortgage market grew by 3%

Czech mortgage market grew in 2012 by 3%. Banks granted to private individuals, companies, cities and local authorities 74.745 mortgage loans totaling $7.6 billion, including $6.4 billion to private individuals, according to website Lidovky.cz.

Mortgage market has grown due to a small decline in real estate prices in the Czech Republic and low interest rates. For example, in 2011, the Czech mortgage market grew by 40% (71,088 loans totaling $6.3 billion).