Mortgage Approvals on the Rise in Spain
The amount of people interested in taking a mortgage in Spain has risen in all 17 regions in July. This news comes after a huge rise in property sales according to the central statistics unit.
In July 2017 sales of property in Spain rose by 16.8% so it’s no surprise that the amount of mortgage applications and approvals has also risen. Mortgage approvals rose by 32.9% giving 24,863 mortgages compared to the same month the previous year.
Many things have led to the amount of mortgages taken or wanting to be taken with a significant increase in the amount of jobs being created. Economic growth is greater and things have settled down enough for investors to start buying up great properties in and around Marbella and Estepona. Never far behind are people from the UK and Ireland wanting to grab that perfect forever holiday home.
Andalucía had the highest home mortgages granted with 4577 followed by Madrid with 4379 approved, all in July. This gives great confidence for buyers to make the move and with an easier route to mortgage for foreign buyers; now really is the time to buy a property in Marbella.
Mortgage activity grew by over 10% as an average for the first seven months of the year, this was comparing to the same time period of last year. If you look at a full 12 months to date then the average is over 12% higher than the previous 12 months period.
For any mortgage information or information on buying a property in Marbella or Estepona then please feel free to pop into our office or call one of our friendly client advisors that can help with any part of your potential move to Spain.