Czech Mortgage Market Up 40% In 2011

The European credit crisis appears to have passed by the Czech Republic's mortgage market, which enjoyed an unusually strong performance in 2011.

Reuters reports that the number of mortgages originated by Czech banks last year increased 40% from 2010. The nation's banks lent $6.09 million, covering 71,088 individual residential mortgages, with an average rate of 3.65%.

The Czech consulting group Hypoindex credited the success of its housing market on low interest rates and strong competition from the banks serving this central European country.


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