Over 24,000 new Spanish mortgages taken out in October while property sales continue to rise.
As we previously reported, the number of property sales continued an upward trend in October, rising by 25% compared with the same month in 2016, according to the government’s central statistics unit. At the same time, the number of mortgages registered increased by 8.2% to reach 24,706. Read more »
Spanish property sales rise for the ninth time this year
The number of properties sold across Spain climbed by 25.7% to 37,228 in October, according to new data released last week.
The encouraging figures show that out of the first ten months of the year property sales increased on all bar one occasion; sales data for April were somewhat sketchy following the date that Easter fell. Read more »
Analysts and experts agree that the Spanish property market is recovering with property sales and prices rising across the country, but has it fully recovered or is there still some way to go?
For the first time, Spain’s property registrars have completed an in-depth analysis of the property market, looking not only at mortgages, sales and property prices but also considering profit and loss accounts and bankruptcies among property professionals. Read more »
Spain’s residential housing market is set to benefit from construction sector growth.
The Spanish construction sector is experiencing upward movements and is expected to grow by 4.1% this year and over 3% each year after until 2020, says the Catalan Institute of Construction Technology (ITEC). Read more »
British visitors continue to dominate Spain’s foreign tourist sector with over 1.6 million visiting in October.
A total of 7.26 million foreign visitors came to Spain in October, representing a rise of 1.8% from the same month last year, according to the latest figures.
Overall, British tourist numbers reached 1.66 million in October, making up 22.9% of the total foreign visitor market and representing a rise of 0.5% on October last year. Read more »
BBVA, Spain’s leading bank, has sold 80% of its Spanish real estate business to US private equity group Cerberus for €4 billion.
BBVA has around 78,000 real estate assets with a gross value of €13 billion. Carlos Torres Vila, the chief executive of BBVA, said that “this transaction is extremely important, because it significantly reduces our exposure to a non-core business, and it allows us to strengthen our transformation process,” reports The Financial Times newspaper. Read more »
Home owners are reaping the benefits from the falling Euribor as Spanish mortgage interest rates hit yet another record low.
November will be the 22nd consecutive month that the Euribor, the rate in which most Spanish mortgage interest repayments are calculated, has fallen. The monthly average will stand at around 0.190%, representing the lowest ever Euribor rate on record. Read more »
Over the next three years, Spanish property prices will rise over 8%, says credit ratings agency Moody’s.
The study, an analysis of the seven biggest European property markets, forecasts Spanish property prices to rise by 5.6% next year and by a further 1.4% in the following two years. Read more »