According to figures released by the National Statistics Institute (INE) September saw residential property mortgage approvals rise in all of Spains 17 regions.
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Continuing the positive trend of sustainable and stable growth in the Spanish property market over the last 18 months, there were a total of 26,667 mortgages approved in September this year, representing an increase of 10% over the same period last year, a clear indication that both consumer and crucially banking confidence is on the rise along with the number of property transactions.
In addition the INE data also shows the average loan capital rose 2.2% in September to 113,193€, the highest level for over five years since February 2011. Further good news is that throughout all of Spain’s 17 autonomous regions, there were no exceptions to the positive upward trend with the greatest increases being seen in the Canary Islands, Madrid and Mediterranean coastal areas popular with both domestic and foreign property buyers.
Looking at the cumulative figures, the first nine months to September of this year saw an increase of 12.6% with 212,587 mortgages registered while the running twelve monthly total saw over 270,000 residential property mortgages, an increase of 13.1% on the previous year.