Costa del Sol property sales, rentals & management

Mortgage approvals up as Spanish property market recovery continues

Mortgage approvals up as Spanish property market recovery continues

September 6, 2018
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Recently released figures from Spain’s national Institute of Statistics reveal a 3.9% increase in the number of mortgage approvals for residential properties in June compared to the same month last year.

 

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During the sixth month of the year a total of 30,600 new mortgages were registered in Spain which represents 3.9% year on year growth compared to 2017. The average loan capital per mortgage registered in June was 123,896€, itself an increase of 5.1% compared to the same month the previous year.

Following the recent news that Andalucía was Spain’s most popular area for homebuyers in June, it comes as no surprise that the number of mortgages granted in the region was also up during the same period. Specifically, there were 5,765 new mortgages registered in Andalucía in June, totalling 586.8 million euros of loaned capital, representing an annual increase of 5%.

More important than these data however, is the long term outlook with almost 175,000 new residential mortgages registered between January to June, growth of 9.4% compared to the first six months of 2017. The twelve month figure stands at 325,666 registered mortgages, an annual increase of 10.4% and an impressive 80% growth over the last four years.

On a regional level, in terms of increasing property prices and renewed interest in residential property investment, Andalucía and the Costa del Sol are seeing a return to levels not witnessed since before the crisis.