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2004 | Finanse w dobie integracji europejskiej | 148--161
Tytuł artykułu

Mortgage Market in Portugal and Spain: a Comparative Analysis

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The Spanish and Portuguese mortgage market saw great development in recent years. That development was sustained by a strong break in interest rates, by the appearance of a wide and flexible array of mortgage products and through the economic dynamism seen in both countries. With the deregulation, liberalization, and internationalization of financial institutions, the Portuguese financial system suffered important structural changes. Therefore, the concession of credit and the trust of the clients became strategical objectives of Portuguese Banking. In the housing sector, it is necessary to point out the weak weight of the renting and social housing sectors,thus reinforcing the weight of the mortgage credit, even more so, since up to 2002, the government benefited families who wanted to acquire their own home. Actually, the Portuguese mortgage market is reaching a phase of growth- being in a transitory phase of being in the domain of offer to one of demand. There is therefore the need to bet on diversification, trying to satisfy the needs of different clients. The Spanish mortgage market saw great changes during the 90s. From that period onward, there was a growing liquidity and greater flexibility of the secondary market, reaching a greater transparency and protection of the consumer, through measures like the right to pay the mortgage loan in full, before its end, and only being charged a small commission. (fragment of text)
  • Universidad Complutense de Madrid, Spain
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