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The banks in Spain are slowly relaxing there rules and giving
mortgages again
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The latest data from the Spanish National Statistics
Institute (INE) shows that mortgage approvals during July increased 32.9%
compared to the same month in 2016.
The data shows that some 24,863 home mortgages in total were
granted across Spain in one single month. The average value of the mortgages
also increased 3.8% year-over-year to €119, 613.
Overall Spanish banks loaned out a total of €2.97 billion in
July, an 38% increase on the July of last year.
Things get interesting when comparing it to the month of
June, as mortgage approvals dropped 15.8% in July compared to June. The likely
cause for this is that July is the peak of the holiday season, when many potential
buyers are focusing on spending time on the beach rather than spending their
money on investments.
Andalucía in the Costa del Sol saw the most home mortgages
granted, as 4,577 mortgages were approved in July. This was ahead of Madrid and
Catalonia, which saw a respective 4,379 and 4,348 mortgages approved.
The popularity of Andalucía is kept high thanks to places
such as Marbella, which has become one of the most popular choices for second
homes in Spain. British, Irish, German, and Scandinavian buyers alike can’t get
enough of the area.
It looks like the uncertainty of an independence
“referendum” has done nothing to deter investors in Catalonia. The real estate
consultancy firm Sotheby’s International Realty said that they have seen record
sales in Catalonia as it appears investors are not nervous at all about the
potential secession of the region.
Idealista collated data for house prices in Barcelona that
showed the average property in the city has increased in value by 9.2% across
2017, which is another sign that politics is having little to no effect on
investment.
One thing is clear, buying property in Spain continues to be very popular.
One thing is clear, buying property in Spain continues to be very popular.
