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The Spanish government is encouraging home owners to switch from variable interest rate mortgages to fixed interest rate mortgages in order to minimise the risk of people falling behind in their mortgage repayments when interest rates rise.

Around 90% of Spanish mortgage interest rates are calculated using the Euribor, which at the moment stands at a record low of -0.18%. Variable mortgage interest repayments can therefore rise or fall depending on the Euribor. Taking out a variable mortgage loan can seem like a good idea whilst interest repayments are low, but when (and not if) the Euribor rises many people will need to adjust their finances accordingly as their monthly mortgage repayments will also rise. Read more »

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Foreign demand for Spanish property remains high despite a drop in British and Scandinavian buyers.

In the third quarter (Q3) of the year, a total of 15,312 properties in Spain were sold to foreigners, 11.6% more than in the same period last year, according to a report by the Association of Spanish Registrars. Read more »

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property in New Golden Mile

The amount of money invested in residential property in Spain will rise by a total of 8.2% this year, according to forecasts by BBVA Research.

The latest forecast makes a 1.7% upward revision on BBVA’s previous estimates. Meanwhile, analysts predict that another rise will occur next year but at the lower rate of 5.9%, which BBVA Research puts down to future economic uncertainties. Read more »

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Spain’s International tourist numbers are on track to set yet another record this year and as tourist figures rise so has tourist spending.

Foreign visitor numbers in Spain reached 8.84 million in September, the highest September figure ever recorded. Meanwhile, spending also hit a new record of €9,432 million, representing a 12.3% increase compared with September last year. Read more »

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The Spanish new build property market expands following growth in building permit approvals.

In the first eight months of the year, the number of building licences approved for the construction of new residential properties in Spain rose by 25.9%, compared with the same period last year, according to data published by the country’s Ministry of Development.

Between January and August 2017, a total of 53,977 building permits were issued across the country. Read more »

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Pic: Sunhouse 360

Four ultra-modern homes are currently under construction in Estepona, but what sets these homes aside from your average Spanish villa is that these properties will be run entirely on solar power.

Developer SH Revolving House has commissioned the project to be built on the Bel Air urbanization with each property housing a family of five and costing around €690,000. Read more »