Euribor (12 months), the interest rate normally used to calculate mortgage payments in Spain, fell 1.4% in October to a record low of 1.243%.
Euribor has now fallen for 13 consecutive months, and is 76% lower than it was a year ago. The graph above illustrates how dramatic the fall in Euribor has been.
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For those of you with mortgages in Spain, I thought you could you a bit of good news. The Euribor, the rate normally used to calculate mortgages in Spain, has fallen drastically to its lowest rate ever! It currently stands at 1.909%. So many of you who have been feeling over the last year should soon start to see a substantial dorp in repayments.
Been reading through the local papers today and came upon an interesting article. It appears that the average salary in Malaga is 871 Euros, whereas the average mortgage is 1.100 Euros a month. In other words, a typical 3 bedroom property on the Costa del Sol costs a full salary plus 229 euros. Why is it so much? Well the Euribor is currently at a historic high, at around 5.5%.
