Mortgages in Spain: Activity Continues to Rise
According to data published in the Spanish media, there is a steady upward trend in the mortgage sector in Spain. In August this year, the volume of sales in the real estate market increased by 16% compared to last year. Particularly impressive growth was recorded in the mortgage lending sector. The number of mortgages issued in Spain in August this year increased by 29.1% compared to August 2016 and reached 26,583. These data are provided by the central government statistics.
All autonomous regions of Spain saw annual growth in mortgage lending. Particularly high figures were recorded in Andalusia (50.2%), Madrid (42.9%) and Galicia (39.2%). A slight decrease was noted only in Cantabria, Aragon and La Rioja – the northern regions of the country.
It is also worth noting the increase in the average size of mortgage capital in the country: in August it increased by 0.7% and amounted to 111,488 euros.
According to experts, the most significant information provided by the August statistics is the confirmation of the long-term upward trend and the continuation of the recovery processes of the Spanish market. In the first 8 months of 2017, the number of mortgages issued in Spain increased by 12.85% compared to the same period in 2016, and in the last 12 months, the figures were 12.1% higher than a year ago, reaching the highest level since July 2012.
