Italian Mortgages are the most expensive and most unsuccessful in Europe

Italian Mortgages are the most expensive and most unsuccessful in Europe

Italian mortgage market is the most expensive in Europe. If the average interest rate on mortgages in the Eurozone is 2.87%, while in Italy in May 2013 they are at the level of 3.53%. This is a 66 basis points higher than in the other 17 countries of the monetary union. Not surprisingly that for the first quarter of this year, the level of real estate sales in Italy fell by 13.8% compared to the last quarter of 2012.

The problem is not only in the excessively high interest rate, but also in the increasingly complex conditions of its receipt. In 2012 was given by 37.4% less of mortgage loans than in 2011. This figure is emphasized with territorial differences within the country. 80.8% of the loans were issued in the northern and central parts of Italy, and only 19.2% - in the south. Only in Lombardy were given 24.5% of the loans, in Lazio - 12.7%, in Veneto and Emilia-Romagna - 9.2%.

In June 2013 banks issued loans of €364 billion, which is 0.8% less than last month. This is probably the worst record in all of Europe. Spain alone is worse on this indicator with a fall of 3.8%. In France, the credit growth was 2.7%, Germany - 2.1%.

The level of interest rates in Italy and rolls over - 3.53%. In France, it is 2.77%, Spain - 2.9%, Germany - 2.91%.