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| The mortgage market is back and more and more are being approved |
The figure was also an increase of 16.9% over January of
last year, giving credence to the prediction that 2017 could be even stronger
for the Spanish property market than 2016 was.
The data from the INE shows that the average mortgage in
January was worth €112,844, an annual increase of 6.4%. This figure also shows
the increasing confidence of Spanish banks in the economy and property markets,
as more banks than ever are loosening their purse strings.
It also shows that the average home buyer is in a better
financial position, whether they be native or foreign. 36.8% of the mortgages
issued in January were fixed-rate mortgages offered at the Euribor rate – a
great option for young buyers with smaller deposits.
16 of the autonomous regions of the country saw year-on-year
increases in mortgage activity during January. The only region that didn’t
follow the trend was Castilla y León. Galicia, the Balearics, and Asturias saw
the largest increases, with over 30% more mortgages issued in January 2017 than
in the previous year.
If the previous 12 months were taken as a running total, the
Spanish mortgage data shows an increase on the prior 12 months of 14.6%; with
285,000 mortgages issued in the past 12 months.
