Spanish Mortgage Activity up 10% in September
The property market continues its recovery in the
Costa del Sol and Spain
The data from the National Statistics Institute (INE) shows that 26,667 mortgages were approved in September, which is further proof that the property market in Spain has managed to recover from the damage of the credit crunch.
The data is also a continuation in the positive trend changing the face of the industry across the past 18 months, as well as a confirmation that property prices are still increasing, along with confidence from both consumers and banks.
The data from the INE showed that there was also an increase in average loan capital during September. This was up 2.2% to €113,193, the highest that it’s been for over five years. The news was positive in every one of the 17 autonomous communities of Spain. The Canary Islands in particular reported there was a massive gain in approvals with an increase of 45.2% compared to last year.
The story in Andalucia, Catalunya and Madrid was pretty similar. These property markets are being boosted by an increase of both domestic and foreign buyers in Spain.
When you look at the last 12 months the number of mortgage approvals in September brings the total number of approved mortgages up to 270,000; an increase of 13.1% over the previous 12 months. The data for the first nine months of 2016 shows that there were a total of 212,587 mortgages approved, which is an increase of 12.6% over this period in 2015.