Spanish property mortgage activity grew by almost a third in July
More mortgages were granted in all seventeen regions of Spain. Following the news that Spanish property sales in July were 16.8% higher than in July last year, it is no surprise that the number of mortgages created on property is also significantly higher.
The number of such loans was 32.9% higher than in July 2016, reaching 24,863, according to data released by the central statistics unit.
Some of the figures, broken down by region, are very high, with year-on-year increases of 261% in Andalusia and 119% in La Rioja (where sales were up 70% in a month). Madrid and Aragon were also up more than 40%, and none of the 17 regions had less mortgage activity.
At the same time, the data show that the average loan capital involved in new mortgages in July was 3.8% higher than last year, at 119,603 euros.
The most important thing about these statistics is not the sharp increase in the number of mortgages issued and registered, but the fact that they represent the continuation of a long-term trend that reflects greater activity in the Spanish property market.
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