Czech mortgage market grows by nine percent in June

Czech banks and building societies provided mortgages worth CZK 37.5 billion in June, marking a nine percent increase compared to May, according to data from the Czech Banking Association’s Hypomonitor. New loans excluding refinancing rose by seven percent to CZK 29.4 billion. The average interest rate on new mortgages fell slightly from 4.6 to 4.56 percent. So far this year, total mortgage volumes have reached CZK 185 billion, up 56 percent year-on-year. Experts warn, however, that property prices continue to rise, keeping home ownership out of reach for many.