The same sources expressed the concern and fear among tourism business owners.
The constant rise in mortgages will negatively affect the growth of Spanish tourism in the short term, sources from the Tourism Roundtable, an entity that brings together some thirty of the main companies in the sector in Spain, indicated today.
The same sources expressed concern and fear among tourism businesses regarding the rise in the Euribor rate and its impact on domestic tourism.
The president of this Entity, Juan Andrés Melián, explained that in the sector "there is great fear that the rise of the Euribor will have harmful effects on national tourism," which contributes one out of every 10 euros of the Gross Domestic Product.
Melián referred to a study by the Spanish Mortgage Association (AHE) which indicates that at the end of September 2007, a family must dedicate 1.200 euros more than a year earlier to amortize their mortgage loan.
Tourism business owners expressed their concern that tourism in general, as well as business owners, employees, or professionals, "may be harmed" by this economic situation.
For the members of the Tourism Board, if one takes into account that according to the AHE the scenario is negative since it can reach levels of 6,3 percent, which would mean that mortgage debt could reach an increase of between 1.000 and 6.000 euros for families who have contracted from 2002 onwards.
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