Spanish home loan approvals ‘at highest level for more than a decade’ – and Andalucia heads the rankings
We have written extensively lately here on the BM Sotogrande blog about the signs that are coming through thick and fast of Spain’s resurgent property market – so it was certainly no great surprise to us to learn of the approval rates for mortgages in the country also reaching rare highs.
As reported by the Spanish News Today website, there was a 24.1% year-on-year increase in the number of mortgages granted in Spain last November.
This data was released by the National Institute of Statistics (INE), which disclosed that a total of 36,220 home loans were agreed during the month. What’s more, Andalucia – the region in which Sotogrande is situated – headed the ‘leaderboard’ of areas for the numbers of mortgages granted, some 7,583 of the loans having been approved for properties there.
2021 “the best mortgage year of the decade” in Spain
It seems that whatever figures one looks at when it comes to mortgages in Spain at the moment, they are firmly positive ones. The INE data revealed, for example, that the Spanish property market closed out 2021 with a whopping 400,000 loans, which was enough to make it “the best mortgage year of the decade” in the country, according to experts quoted by Spanish News Today.
Indeed, that figure is the highest seen for mortgages granted in Spain since 2010. What’s more, November was far from a blip, the impressive data for that month coming after nine months in a row of increases.
The average value of home mortgages sought also went up by a respectable 1.5% to €138,189, and there was a 26% jump in the capital loaned, bringing the total to €5,005 million.
We’ll help you make the wisest choices in your search for Sotogrande property
Some things, of course, have never really changed as far as real estate in Spain is concerned, and one of those is definitely the sustained popularity of Sotogrande property.
Blog Post 28/01/2022