Spanish Mortgage Approvals Up 19.2% in June

Spanish Mortgage Approvals Up 19.2% in June

The data continues to be good for the Spanish property market

Official notary data for June in Spain has shown that the rate of mortgage approvals for residential property increased at the highest rate in a decade. 

The statistics show that the 23,223 mortgages granted across Spain in June of this year was 19.2% higher than in June of last year. The figure means that almost half – 45% - of the properties purchased in June were financed through mortgages. 

An overall total of 51,477 homes were registered as bought in Spain in June – an increase of 17.4% over June of last year, and the second-sharpest monthly increase since back in 2007. The only month in the decade since then that topped the sales from June was December 2012, when property transactions were inflated for that month ahead of new rules for income tax to be introduced in January 2013. 

The remarkable sales figures from June are another marker of the strengthening real estate sector of Spain, which has been boosted by sustained demand from domestic and foreign buyers alike, along with the increased generosity and less strict nature of lending criteria from Spanish banks and the increasing prices across almost every region in the country. 

The notary data showed there was a 1.4% price increase in June of this year compared to last year, with the average square metre of property selling at €1,358. The average size of mortgages reflected this increase in house prices, as the average mortgage has increased 6% to €129,704 with data revealing that mortgages accounted for an average of 76% of the total purchase price of houses bought via mortgages. 

The market for new builds is also on the increase, with sales of new properties rising 10.8% in June compared to June of last year.

Average Spanish Property Values 2.3% Higher in June Compared to Last Year

Average Spanish Property Values 2.3% Higher in June Compared to Last Year

Costa del sol continues to be a great investment 

Data on the price of Spanish property from valuation firm Tinsa shows that the average selling price of property in Spain was 2.3% higher this June compared to June of last year, bringing the streak of monthly increases in house prices to 10 straight months. 

While the data from Tinsa doesn’t go into the actual average property price for each region, it does show the largest increases in prices are found in the coastal regions and major cities. The average property price for regional capitals was 4.2% for example, which is above the national average. While property prices increased an average of 2.4% across the Mediterranean coastline. 

When analysing the average house price across the first half of 2017, Spanish property prices were up 2.8% compared to the first half of 2016, with island property prices seeing the sharpest increase at 7.2%. 

The price increases will no doubt be welcomed because they are gradual and steady. There hasn’t been a price shock, spike, or crash across the past 18 months plus. It’s just been a consistent increase in demand, which means a consistent increase in price. 

These factors are giving economists and property experts alike plenty of encouragement. They can see for themselves an industry with plenty of foreign investment and a growth in domestic interest, as well as increasing confidence from businesses and lenders. 

This is the reason for the 2.4% increase in building licenses across the past year. It’s also why actual sales increased 23% year-on-year as of May, and mortgage approvals increased 10.4% in April – a figure that correlates with the decrease in unemployment as Spanish unemployment has fallen 10.7% across the past year.

Mobile Roaming Charges in EU has Ended on June 15

Mobile Roaming Charges in EU has Ended on June 15

check out the new phone coming soon http://infoliomobilephone.com

June 15^th marked the date those in the EU will be able to swipe and tap as much as they want.

One of the worst things about going on holiday is coming back to find yourself left with a pricy mobile phone bill.

It is true that the costs of using your mobile phone abroad have come down a lot in recent years, but the idea that you would be charged more for just crossing the boundaries of another country – particularly countries in such an interconnected continent like Europe – has always felt like an opportunistic move for mobile service providers to make.

The EU has attempted to end the practice for years now, and now the end will come on June 15, meaning that an EU-registered mobile phone can be used across the EU for no additional cost.

It’s called the “Roam at Home” program and the idea is to levilise charges, and it means that you won’t be stuck with any additional fees by your service provider, even if you left the EU but stayed within the greater European Economic Area (EEA).

This will no doubt leave many Brits wondering if they can expect the same treatment from their own UK-based mobile service providers come March 2019.

It’s unknown what deals – if any – the British government will be able to make with the EU on the issue, or whether companies like Vodafone and O2 even have any leverage. For now though, Brits will still be able to enjoy the Roam at Home program without worry of running into a massive bill.

There is one small hitch of course, and that is the rumours of price hikes from EU service providers in order to offset the lost income. Reports have suggested that Spanish provider Movistar is likely to increase their at-home tariffs in order to compensate for the EU ruling, while Vodafone and Orange have also suggested they may do the same.

15-Year Rule to Still Apply in the UK General Election in June

15-Year Rule to Still Apply in the UK General Election in June

British voters will still not be allowed to

vote if they have been out of the country

for over 15 years

The controversial law stating British expats aren’t legally allowed to vote in General Elections and national referendums if they have been overseas for over 15 years will still be in place and applicable during the June 8 snap election.

There has been several times when the law was due to be scrapped, most recently for the 2015 general election, and then again during the EU referendum of last year that saw Britain vote to leave the EU.

Both of these occasions saw the issue of giving British citizens back their full democratic rights was slowly pushed off of the table. Last Friday it was confirmed by the British Cabinet Office confirmed that there isn’t going to be enough time to change the law before the election in June.

The result is that over one million British people living overseas are going to be denied the chance to cast their vote in the upcoming election; causing Dave Spokes – a founding member of the Expat Citizens Rights in the EU support group – to express how disappointed the inaction of the Conservative government left him.

He had the following to say on the matter; “The people most affected by the EU referendum were not allowed to vote in it, simply because they exercised their right to live in another EU country.”

Thousands of people have signed an online petition calling for expats to be given the right to vote following the government’s confirmation that the law would not be changed.

The campaign was set up by Chris Madsen – a resident of France – in the hopes of pressuring the Conservative government into pushing back the date of the general election to make time to change the law, or push the administration to allow long-term expats to vote through.

Masden set up the petition on change.org, in which he wrote that it was wrong for the UK to disenfranchise their own citizens like this at such a time, especially given that they announced plans to abolish the 15-year rule.

Even though it’s unknown how long-term expats would vote in the general election, it appears to that many of them would likely be against the Brexit. They would most likely vote for the parties that aim to reverse the Brexit if they would win the election.

Spanish King to Pay Visit to Queen Elizabeth II in June

Spanish King to Pay Visit to Queen Elizabeth II in June

The Spanish King Felipe the VI will visit the UK with his wife Letizia as part of an official state visit to meet with Queen Elizabeth II, the British head of state. The visit was due to happen last year, but was postponed due to the political deadlock of the country. Now King Felipe’s calendar for 2017 has been opened up for ceremonial matters following all the officiating he had to do with the political landscape of Spain last year.

As momentous as the visit from the Spanish king will be, it is likely to be overshadowed by a visit from controversial US president Donal Trump, who will be welcomed by the Queen later this year.

Even so, a meeting between the British and Spanish heads of state is always an occasion worth savouring, especially during the current climate of uncertainty caused by the Brexit and the future of the relationship between Spain and the UK. While it’s not very likely for the royals to discuss highly political matters, their meeting offers a chance to symbolically show both Brits and Spaniards that there is a lot of goodwill still between the countries, forged by their deeply connected ties.

A report was recently released by the Spanish government showing the damage that could be caused to both the Spanish and British economies by a “hard” Brexit, which could cost the economies of both countries by up to €4 billion. The good news is that Spanish Prime Minister Mariano Rajoy is seemingly taking a sensible approach to the Brexit, telling reporters that they should avoid dramatizing everything. He said that they just need to have good negotiations, which is just what the UK, Spain, and Europe as a whole want, and he expressed his hope everything will turn out well for all involved.

It might not make the headlines, but Rajoy makes a great point; the day will be won by sensible debate. If the heads of state for both nations can have a meeting filled with smiles, handshakes, and great photo opportunities, then it gets proceedings off to the right start and ensures a harmonious future for all.

Re-Election Set For June 26th, Spanish King Confirms

Re-Election Set For June 26th, Spanish King Confirms

Spain had been doing well in spite of having no Government

The Spanish king Felipe-Bella-Naija has confirmed that the next general election in Spain will take place on June 26^th. King Felipe VI confirmed that Spain will go back to the polls once more in a second general election as the first failed to secure a ruling party.

The last vote was held on December 20^th of last year and no party managed to reach a majority. Six months of negotiations between the parties has so far failed to bring together a coalition so a re-election must be held.

The Spanish King used his authority as the head of state to call another election. The date, 26^th of June, will be just a few short days after the British will vote on the EU Referendum and a few days before EU leaders will gather at Brussels for their June 28^th summit.

A recent opinion poll has suggested that former Prime Minister Mariano Rajoy, the head of the People’s Party (PP) has become slightly more popular since last December. He now has 29% support, slightly up from the 28% he was at last year.

The biggest rival of the People’s Party is the Socialist party. They have seen a small drop in popularity as they went from 22% to 20.3%. The anti-austerity left-wing wing party Podemos has also suffered from a dip in popularity. They went from 20.7% to 18.1%.

The only party to see a significant rise in popularity is the central party Ciudadanos. They have gone up from 13.9% to 17%.

These changes in telecommunications and popularity suggest that Spaniards agrowth of the economy and are less interest in the idea of the total change that is being promised by Podemos and the Socialist party.

The economic growth of Spain and the low cost of living has been one of the best in the Eurozone. This has given Rajoy the chance to brag about the hard work that his party did during their last term. The country suffered from a double-dip recession during the time.

Rajoy told La Razón newspaper that his party was the most useful for Spain. He also said that voting for him was voting for the lesser evil and would be preferable over choosing a government that would attempt to undo all the good the PP had done, such as hard labour reforms.