We have great news for those looking for property in Spain. Not everybody has the funding to invest in Real Estate on the Costa del Sol outright, so it stands to reason that many will be looking for a mortgage in order to make their dream come true.
For many, it makes more sense to acquire a mortgage here in Spain than to acquire one in their home country, especially if they plan to become an expat. If you’ve been thinking about making the leap to start your dream Spanish lifestyle here in Calahonda or the surrounding areas, now is a great time to apply for your Spanish mortgage.
In March 2017, the number of residential property mortgages granted was 20% higher than the year before. Lending is on the rise all across Spain, and it’s not only the number of mortgages that are increasing; the amounts being borrowed are also climbing, meaning that the banks are becoming more lenient in their criteria.
The number of loans is higher than any month since 2012
In March, just under 28,000 mortgages were registered, equating to a 20% increase on the March 2016 statistics. This is also the highest the figures have been in any month since 2012.
Loan capital increased by 27.9%, taking the average loan capital to just below 115,000 euros. Perhaps it is the case that as confidence in customer repayments has increased, banks are now happier to provide more of the finance toward the property. This in turn is making it easier for first-time buyers to get on the property ladder; something that many UK residents are struggling to do in their home country.
All regions of Spain except the Canary Islands demonstrated higher sales figures in March 2017 than those in the same month last year. In January, February and March this year, almost 80,000 new mortgages were granted (equating to an 11% increase). The yearly total for 2016 was almost 290,000, which is a 13.3% rise on the year before. In other words, that’s a lot of happy residents here in Spain!
These figures are a green light for aspiring expats
With such positive data, buyers can now start to look for property for sale in Calahonda, safe in the knowledge that they won’t be turned down when applying to finance it. This is exciting news for Start Group, as we thrive on helping our customers to create the ideal life here on the Costa del Sol.
The Sunshine Coast is truly is a magnificent place to be, and most people never look back. The hardest part is actually making the leap, but that’s what we’re here for – to help you navigate the system in order to get the most ‘bang for your buck’, bypassing potential problems and making the smoothest transition possible. Now you know the score, why not start the search for your dream home? And just in case you forgot… looking is free!