Spanish mortgage approvals soar

By | December 3, 2014

Spanish mortgage approvals soar The latest mortgage figures for September reveal that the total number of mortgages issued has now risen for four consecutive months.

With an average rise of more than 25 percent compared to 2013, establishing the largest sustained growth in over 7 years.

Mortgage rates are also incredibly attractive at the moment. Nearly all mortgages in Spain (over 90%) are based on the Euribor rate, which is currently at its lowest ever percentage.

The record high of the Euribor was back in 2008, when it reached 5.393 percent. Last month the equivalent 12 month rate dropped to just 0.335%, a huge saving for longer term borrowers and a tempting starting point for new loans.

In other news, Spain’s tourism industry is already assured of a record breaking year and reports of more tourists, spending more money, continue to provide good news for the industry.

We keep a close eye on tourism rates as they have a tendency to mirror the fortunes of the foreign real estate sector in Spain. As with property buyers, British visitors are increasing their leading share of the market.

Growth is seen across all of the main buying nationalities of Spanish property, with notable increases from Germany, France (who are catching up quickly to the German market share) and Scandinavia. However, Russian visitors have fallen, in contrast to the strong growth in real estate investment from the country.

Courtesy: Kyero

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