Czech mortgage market grew by 41 pct in 2007

by admin on January 28, 2008

According to the latest Local Development Ministry data mortgage banks on the Czech market granted 83,344 new mortgage loans worth over Kc142bn to individuals in 2007.

In Prague alone, mortgage banks provided 24,000 loans worth Kc54.5bn and in the second largest Czech city, Brno, Kc13.4bn worth of them.

Overall, the volume of mortgage loans granted to individuals, firms and municipalities totalled Kc184bn in 2007 and the number rose to 86,000 from 69,000 the year before.

Experts expects a further growth of the mortgage market this year, though at a slower pace.

Hypotecni banka CEO Jan Sadil said earlier the market is likely to grow by 10 percent in 2008. Pavel Kuehn of Ceska sporitelna shares the opinion. “We see a 10-percent growth as quite realistic,” Kuehn said.

Komercni banka CEO Laurent Goutard expects this year’s growth at 20-to-25 percent.

Market leaders Ceska sporitelna and Hypotecni banka provided mortgage loans worth Kc45bn and Kc40bn, respectively, to individuals in 2007.

(Czech News Agency)

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