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.

Why Spain is a Great Place for Your Kids to Grow Up

Why Spain is a Great Place for Your Kids to Grow Up

Spain and the Costa de Sol will always be a

wonderful place to bring up children due

to the Mediterranean lifestyle and great weather.

If you’ve ever taken a look around the blog then you know that we think Spain is a great place for kids to grow up and we’ve told you plenty of reasons why. In case you missed it here are the main reasons that Spain is the best place for kids to live and grow up.

·        Longer Childhood

No one is quite sure why but that doesn’t change the fact that kids are just kids for longer when they live in Spain. One of the reasons is that peer pressure and social pressure isn’t as big in Spain. Teenagers are allowed to go gaga over babies and toddlers without anyone thinking anything of it. If anything British kids should be allowed to have their childhoods back.

·        Safety

Spain is a country with a relatively low crime rate. There’s no need for parents to be constantly worried about their kids. In Spain you wouldn’t need to think twice if a stranger were to approach your child, talk to them, or even hold your baby. Something that would just never happen in Britain.

·        Healthcare

Spain has a fantastic healthcare system, especially when it comes to kids. Their state hospitals are a great place to give birth. It’s not like in Britain where you could be waiting a long time. They take healthcare seriously and there are practically no waiting times.

·        Language

When an expat child grows up in Spain they will learn at least two languages. They will know their mother tongue and Spanish. They might even learn a third or fourth language depending on where in Spain you are. Learning a new language can only ever be a good thing, especially for a child.

·        The Great Outdoors

Because of the warm weather many people spend more time outdoors than indoors, particularly in the south. There are also plenty of sports facilities everywhere. Playing on the beach and enjoying the countryside is something a child can do every day rather than when they’re on holiday.

·        Family First

Spain has very tight family units. Children in Spain grow up respecting their family members and appreciating what it’s like to be part of a family. They will grow up proud of their family and with respect for their elders. While they might not meet some members of their family as they are in different countries they will enjoy the time they spend together with those relatives more.

·        Food

Staying in a new place means encouraging your children to eat new foods. There are many great dishes kids love in Spain and there isn’t really a “kids menu” in the restaurants. Instead it’s customary for families to just share their plates of food. At home meal time becomes family time. There isn’t even a lot of fast food in Spain. Have you ever seen someone walking eat and eating in Spain?

Spanish Property Sales Expected to Go Up 10%

Spanish Property Sales Expected to Go Up 10%

People are beginning to buy property overseas again  in the Costa del Sol and, as usual, Spain has found itself one of the most popular choices.

2015 proved to be a strong year for the Spanish property market and it’s being predicted that 2016 will be even better.

Property for sale in the Costa del Sol is defiantly on the up

It’s expected that more than 440,000 Spanish properties could change hands in 2016. This is according to data from KPMG, one of the leading analysts. A seminar was held last week in which experts gathered to discuss the potential of the Spanish property market. They agreed that the property sector could grow between 10% and 12% in 2016. Overall the market is expected to make over €20 billion.

Transactions in 2015 came to a total of €18 billion and, according to KPMG’s Amparo solis, 2016 will see €2 billion more generated.

Spanish property prices are still low but they are rising. As such 2016 could be a very lucrative year for the Spanish property market, according to Deloitte’s Alberto Valis. Alberto believes that the low interest rates in Spain will spur on the market even more.

Roughly 60% of the property sales in 2015 were funded through mortgages, a sign that Spain has a lot of cash-rich buyers. It’s expected that more homes for sale in the costa del sol and spain will be funded by mortgages this year. This is a good thing too as it suggests buyers on average incomes are able to jump on the property ladder.

It was also accepted that the economic growth that Spain is seeing in general is also part of the reason behind the growth of the property sector, along with the decline in unemployment figures.

PwC’s Jaime Bergaz says that so far 2016 has seen almost €14.5 billion worth of property change hands, and that the average value per sale has gone up. This is in spite of the current political problems Spain is facing and the uncertainty caused by a potential Brexit coming in July.