Spanish Mortgage Approvals Increase 19% In June
Spain News
Published: 01 September 2014 12:01 CET
Updated: 20 December 2019 13:01 CET
The National Statistics Institute (Instituto Nacional de Estadística) recently published a press release announcing a big year-on-year rise in Spanish mortgage approvals for the month of June 2014.
The total number of mortgages approved for dwellings increased by 19% on the same month in 2013.
For June, there were a total of 17,137 home mortgage approvals with an average value of 98,582 Euros. This represents an annual capital increase of 1.3% on the same period in 2013.
Total borrowed capital also increased for this period to 1689.4 million Euro's. A rise of 20.5% on the same time last year.
When it comes to the type of mortgage that homeowners are selecting, the variable rate mortgage is still by far the preferred method with 92.9% of all home mortgages of this type. The other 7.1% were fixed rate mortgages.
The average interest rate for all mortgages raised on homes was 3.88%. A reduction of 8.8% on the same period last year.
In terms of Autonomous Communities and the distribution of the mortgages the three top regions that benefited the most were Madrid (3,481), Andalucia (2,900) and Cataluña (2,435).
This will come as very positive news for many expats living here in Spain and looking to get onto the Spanish housing ladder for the first time.
Source: Instituto Nacional de Estadística
