There is some positive news to come from the National Institute of Statistics (INE) as new figures show mortgage lending in Spain jumped over 32% in November 2016, compared to the same month the previous year.
New lending also rose 6.4% in August, 10% in September, and 16.8% in October, so the upward trend is clear. The average residential mortgage loan rose 1.8% to €109,785, with an average interest rate of 3.22%.
Finally, after seven years of recession it looks like the housing market in Spain is beginning to recover. In an effort to entice new buyers, some banks are offering some very keen fixed rate mortgages, on a long term basis, which is ground breaking in a country where 90% of all new mortgages have traditionally been variable.
This could be an ideal time to buy for many people, with banks such as Banco Sabadell and CaixaBank offering some very competitive fixed rate products.
This type of robust growth in new mortgage lending is a healthy and positive sign after a deep crisis Spain has endured since the crash. New lending tends to indicate that new buyers and money is flowing into the Spanish housing market.
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