Number Of Mortgage Approvals In Spain Up 12% In June
Spain News
Published: 26 August 2022 15:32 CET
With Spain’s economy now starting to see signs of recovery following the global pandemic, there was good news this week for those looking to own their own home in Spain.
According to the latest data published by the country’s National Institute of Statistics (INE), the number of mortgage approvals in June increased by 12% on the previous month in 2021 with 42,676 new loans.
It is the highest number of Spanish mortgage approvals since 2010 when more than 56,700 were taken out.
Furthermore, the average loan value increased by 6% year-on-year with the average amount borrowed 147,539 euros, with the total sum borrowed up 18.7% to 6,309.28 million euros.
By autonomous community, it was Madrid which saw the largest number of mortgage approvals with 8,026 in June. This was closely followed by Andalusia with 7,918 and Catalonia with 6,905.
The communities in which the most capital was lent for home mortgages were the Community of Madrid (1,799.8 million euros), Catalonia (1,113.3 million) and Andalusia (1,018.1 million).
The Communities with the highest annual variation rates in the capital loaned were La Rioja (211.8%), Illes Balears (47.4%) and Castilla y León (43.0%).
When comparing the inter-monthly rate, the number of mortgages in June was 3.2% lower than those granted in May, with the total capital falling by 4.3%. In both cases, they were the biggest falls in the month of June since 2019.
The average rate of interest for the approved loans was 2.48% with an average repayment period of 23 years. In loans that were approved for homes, the average interest rate was 2.47% with the repayment term an average of 24 years.
In terms of the type of mortgage, 27% of those approved in June were variable rate mortgages with 73% fixed rate. The average interest rate was 2.06% for the variable rate mortgages with 2.64% for the fixed rate loans.
Learn more about getting a mortgage in Spain.
Source
https://www.20minutos.es/noticia/5044850/0/la-firma-de-hipotecas-sobre-viviendas-alcanza-en-junio-su-mayor-cifra-en-doce-anos/
https://ine.es/en/daco/daco42/daco426/h0622_en.pdf
