Czech banks extended CZK 41bn (EUR 1.6bn) in mortgage loans in the first four months of 2013, up from CZK 37.5bn a year earlier helped by record-low interest, the Fincentrum Hypoindex indicator showed. The reading was also lifted by attractive spring campaigns by banks that try to lure in customers amid the rising competition.
In April alone, mortgage lending totalled CZK 11.9bn, slightly down from CZK 12.1bn in the previous month when the market expanded by 41% m/m. The number of extended mortgage loans in the fourth month of 2013 increased by 5.3% m/m to 7,514, while in March it surged by 40% on the month.
The average interest rate on mortgages in the country has been constantly falling since August and reached a historic low of 3.17% in December before edging up to 3.21% in January. In February the rate stayed flat at 3.21% but returned to December’s record-low in March. In April it hit a new record-low of 3.08%.
In 2012, Czech banks provided CZK 121.1bn in mortgage loans to households in 2012, by 2.1% more than a year ago, data from the local development ministry showed. The growth was supported by record-low interest rates and stable real estate prices.
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