Spanish Mortgage Approvals up 6.4% in August
Confidence in the Spanish property industry is growing as the sales figures and prices grow. Part of this is thanks to banks becoming a little more willing to lend their money and fuel the market recovery.
Data was published last week by the National Statistics Institute (INE) showing that 20,309 mortgages were approved in August, which was 6.4% up on August of last year.
The growth continued the trend of increased mortgage approval levels over the past 25 out of 26 months. The only month that went against the grain was July of 2015. Every month in 2016 so far has seen an impressive number of mortgages approved as the Spanish are joining in with the Brits, Germans and Scandinavians in their hunt for Spanish property.
Taking a closer look at the data from August also shows that the average loan capital increased to €110,000; an increase of 4.8% over last year and a rise of 11.5% since August of 2015.
If you look at the year as a whole you’ll find that for the first eight months of 2016 there have been 186,000 new residential property mortgages approved in Spain. This is an increase of 13% over 2015, while taking a look at the past 12 months as a whole shows a 14% increase.