Mortgages Issued On The Rise
7th November 2018
28,755 was the astonishing number of Spanish mortgages issued during the month of August, representing a rise of 6.8% on the same month the year before.
The most significant rises were registered in Extremadura (31%), the Canaries (19.6%) and Cantabria (16.4%), while the only regional decrease was registered in the Balearics (-4.9%) – an imbalance in supply and demand is having a negative effect on property sales – demand is still high but the supply of new properties on the island is somewhat lacking.
The number of new mortgage loans has been following an upward trend for some time, and as new mortgage loans rose during August, so did the average loan capital which was 9.8% higher than in the same month in 2017, rising to €122,424. Average interest rates stood at 2.43% on variable rate mortgages and 2.99% on fixed rate mortgages, leading to 40.2% of all buyers opting for fixed rate terms.
In the first eight months of the year, over 232,000 new mortgages were approved on housing purchases, representing a rise of 9.7% on the same period in 2017. In the past 12 months, the number of new mortgages rose by 7.8% to just over 332,000 and by an impressive 84% in the past four years, reports newspaper Murcia Today.
Published by David
