Mortgage Activity Continues to Rise in Spain for 24th Straight Month.
Banks have become more generous with lending their money and buyers are becoming more generous with spending their money. There’s never been a better time for Spanish property.
Buying Property in Spain is becoming easier as
bank are lending again
New figures published by the Spanish Central Statistics Unit last week further proved that the country is definitely in the middle of a strong recovery.
The most recent figures come from May and they show that 34% more mortgages were approved for Spanish property over May of 2015. This increase was also the 24th straight increase – a growth period of two whole years for Spanish mortgages.
There were a total of 26,579 mortgages approved in May, bringing the total number of new mortgages for the period leading up to May 2016 up to 121,000; an increase of 19.7% over the same period of time in 2015.
Looking back over the past 12 months showed the statisticians that there was a 20% increase over last year with 265,000 mortgages approved between May of 2015 and May of 2016.
The data covers all of Spain and narrowing down the data proved encouraging as the analysts saw that all 17 of the autonomous communities in Spain recorded their own increase in mortgage activity. The areas where the increase was higher than the national average were Aragon (51.6% increase) and the Balearics and Basque Country (both up 66.9%).
The national average loan was €104,480 which was just 0.8% below the average mortgage of last May. Even though the average loan is down a little the other statistics that have been released in previous months show that Spanish property prices are steadily increasing.