Posted on April 27, 2016 in Property
Mortgage loans for the purchase of a home increased by 24.3% year-on-year at the end of 2015, accumulating two consecutive years of increases, following a three-year period when access to bank funding had been severely restricted. All of Spain’s regions registered double digit increases, especially the Balearic Islands (+41.8%) and Cantabria (+33.0%), while below the national average stood Navarra (+13.5%) and Madrid (+20.1%). Moreover, the average mortgage value increased by 7.9%, year-on-year, to 126,950 euros.
Home sales in Spain achieved an average increase of 9.2% year-on-year in 2015, although this rate varied over the regions, according to a report published by the General Council of Notaries. All regions registered increases, except for Castilla-La Mancha, which recorded a decline of 1%. The regions which registered the greatest increases in housing transactions were the Basque Country (+17%), the Balearic Islands (+16.5%), Valencia and Catalonia (both +10.4%), while Madrid did not exceed the national average and registered an increase of just 6.4%.
Ending a seven year negative streak prices climbed by 1.8% on average, to stand at 1,278 euros/m2. The greatest increases were registered in the Balearic Islands (+4.8%), the Canary Islands (+3.9%), La Rioja and Valencia (both +3.6%), while declines were registered in six regions, lead by Navarra (-16.2%), Castilla-La Mancha (-8.1%) and Aragón (-7.5%).
With average prices higher than the national average were the Basque Country (2,126 euros/m2), the Balearic Islands (2,076 euros), Madrid (1,812 euros) and Catalonia (1,516 euros). These regions together represent 37% of the total sales.