Spanish Mortgage Activity up 19% in the First Half of
2016
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Spain has certainly moved in the right direction and
the next 7 years are fantastic for buying property
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When you look at the past 12 months as a whole you’ll find
that over 270,000 mortgages were approved in Spain during this period, which is
also a 19.1% increase compared to the previous year.
In just June there were 25,274 mortgages approved, which was
a major 15.5% increase year-on-year. The amount of money loaned was also up
7.5% over last year up to €112,516.
This data confirms what studies and market reports have been
telling us all year; there is a significant boost in the amount of interest in
Spanish property in 2016. 2016 also saw property prices stabilise as confidence
and stability returned to both the real estate industry and the Spanish economy
as a whole.
Many of these mortgages are offered at fix rates because the
Euribor rate, which regulates repayment terms for much of Europe, is currently
low. The result of this trend is that more people are buying homes. In fact
data from the Official College of Property Registrars of Spain has shown that382,000 property transactions took place in the 12 months leading to June 2016,
which is the highest number of property transactions in five years.
