Mortgage Activity Continues to Rise in Spain for 24th Straight Month

Mortgage Activity Continues to Rise in Spain for 24th Straight Month.

Banks have become more generous with lending their money and buyers are becoming more generous with spending their money. There’s never been a better time for Spanish property.

Buying Property in Spain is becoming easier as

bank are lending again

All the signs that the Spanish property market is looking healthy are there; the economic data, real estate research and surveys, and even your own eyes can see that urbanisations are becoming fuller, roads are becoming busier, and those expat bubbles are continuing to expand across the Mediterranean.

New figures published by the Spanish Central Statistics Unit last week further proved that the country is definitely in the middle of a strong recovery.

The most recent figures come from May and they show that 34% more mortgages were approved for Spanish property over May of 2015. This increase was also the 24^th straight increase – a growth period of two whole years for Spanish mortgages.

There were a total of 26,579 mortgages approved in May, bringing the total number of new mortgages for the period leading up to May 2016 up to 121,000; an increase of 19.7% over the same period of time in 2015.

Looking back over the past 12 months showed the statisticians that there was a 20% increase over last year with 265,000 mortgages approved between May of 2015 and May of 2016.

The data covers all of Spain and narrowing down the data proved encouraging as the analysts saw that all 17 of the autonomous communities in Spain recorded their own increase in mortgage activity. The areas where the increase was higher than the national average were Aragon (51.6% increase) and the Balearics and Basque Country (both up 66.9%).

The national average loan was €104,480 which was just 0.8% below the average mortgage of last May. Even though the average loan is down a little the other statistics that have been released in previous months show that Spanish property prices are steadily increasing.

Residential property sales in Costa del Sol and Spain continues to rise for 18 successive months

Residential property sales in Costa del Sol and Spain continues to rise for 18 successive months.

Property is on the up in the Costa del Sol and Spain.

The upward trend in Spain’s residential property sales extends to 18 months in a row as the most up to date data shows a noteworthy increase of 7.3% in residential property sales compared with the same month of 2014.

 The figures shown in the analysis report of the General Council of Notaries illustrate a year and a half of ceaseless growth in the housing market, meaning it is showing signs of a stable recovery.

An analysis of this data shows that the annual apartment sales have has had an increase by 6.2%, more than twofold the growth recorded in October 2015. The convincing rise in apartment sales can be traced back to an 8.3% surge in sales of free price apartments and also to a 12.2% rise in sales of second hand apartments.

The market for buying an individual investment family homes also enjoyed solid uptrend, up 11.4%, recording nine consecutive months of double figure growth. However, the downturn in new housing sales continued as prices dropped for a tenth month in a row, the decline rate in November being 18.6%.

Be that as it may, prices are still fluctuating. The average selling price of per square meter of homes saw a 1.1% year on year fall in prices, as prices dropped to €1,219 per square meter in November. A study suggests that apartment prices declined by 0.6% and the price of single family residences declined by 0.8%.

The data additionally demonstrates that the price per square metre of second hand flats dropped by 0.7% year on year to €1,320 but for new apartments it steeped by 5.9% to €1,666.

 Having experienced an annual increase of 7.3% in November, the total number of new mortgage loans is also on the rise, but when seasonally modified, this figure comes down to an annual increase of 2.4%, the minimum rate of increase in 18 months.

Concluding that buying property in the Costa del Sol and Spain continues its upward trend and recovering from the financial crisis that hit Spain in 2008.

Residential property sales in the Costa Del Sol

Residential property sales in the Costa Del Sol and Spain continues to rise for 18 successive months      

 

The upward trend in Spain &
Costa Del Sol's residential property sales extends to 18 months in a row as the most up to date data shows a noteworthy increase of 7.3% in residential property sales compared with the same month of 2014.

The figures shown in the analysis report of the General Council of Notaries illustrate a year and a half of ceaseless growth in the Costa Del Sol housing market and conspicuous signs of a stable recovery.

An analysis of these data shows that annual apartment sales have expanded by 6.2%, more than twofold the growth recorded in October 2015. The convincing rise in apartment sales can be traced back to an 8.3% surge in sales of free price apartments and also to a 12.2% rise in sales of second hand apartments.

The market for individual family homes in Costa Del Sol also enjoyed solid development, up 11.4%, recording nine consecutive months of double figure growth However, the downturn in new housing sales continued as prices dropped for a tenth month in a row, the decline rate in November being 18.6%.

Be that as it may, prices are still fluctuating. The average selling price of per square meter of homes saw a 1.1% year on year fall in prices, as prices dropped to €1,219 per square meter in November.

A study suggests that apartment prices declined by 0.6% and the price of single family residences declined by 0.8%.

The data additionally demonstrates that the price per square metre of second hand flats dropped by 0.7% year on year to €1,320 but for new apartments it steeped by 5.9% to €1,666.

Having experienced an annual increase of 7.3% in November, the total number of new mortgage loans is also on the rise, but when seasonally modified, this figure comes down to an annual increase of 2.4%, the minimum rate of increase in 18 months.