Spanish Mortgage Approvals are up 16.8% in October 2016

Spanish Mortgage Approvals are up 16.8% in October 2016

The recovery is working well in Spain and the next 7 years

look fantastic

October 2016 marked the third consecutive month of Spanish mortgage approvals increasing following increases of 6.4% and 10% in August and September respectively.

The Spanish National Statistics Institute (INE) released provisional data last month that showed that the amount of mortgage approvals noted by the Property Registers was 22,581 in October; an increase of 16.8% compared to October 2015.

This marks the third consecutive month with rising mortgage approvals after a 6.4% increase in August and a 10% rise in September. It won’t come as a surprise to learn that the most approvals occurred in the autonomous regions of Andalucía (4,513), Madrid (3,904), and Catalunya (3,561). In terms of where the most money was lent the leaders were Madrid (€593.7 million), Catalunya (€450.3 million) and Andalucía (€423.8 million).

71.4% of the mortgages approved in October were made under variable rates, with 26.8% of them being fixed rate loans.