Spanish Property Up with Mortgage Approvals
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| The property market is continuing its recovery |
Spain has a number of appealing factors, such as having great bargains, beauty, not to mention the sheer charm of the country.
This appeal is no doubt a major factor in the recovery of the Spanish property market as prices, sales, and mortgage approvals are all on the up.
Two sets of data were released recently that would seem to confirm that the Spanish property market truly is looking much healthier these days.
The first came from the financial advice firm Arcano. They analysed the property prices for all 17 regions for Spain and found house prices have risen by an average of 6.9% when compared to last year.
The prices were up in every region. There were also 10% more transactions than in 2015. Arcano believe that the positive changes were brought about because the Spanish economy is recovering – something itself fuelled by the rise in domestic demand – as well as heightened interest from foreign buyers in Britain, Germany and France.
Arcano also found that Spain’s supply of new and completed homes was running out and that there was a rise in planning applications. Only 46,000 homes were built during 2015 but it looks like more could be built in 2016.
The numbers from Arcano and the trends they suggest were backed up by the second set of data from the National Statistics Institute (NSI). Their data showed that mortgage approvals in March were up 14.5% when compared to March, 2015.
Overall there were 22,983 mortgages approved in March with the average mortgage also increasing by 4.8% and increasing to €107,861. This was further evidence, if any was needed, that there is more confidence in the Costa del sol real estate sector with rising house prices and Spanish banks being less restrictive with their lending
