Posted on May 2, 2016 in Property

The number of new mortgages constituted on homes listed in the property registers in Spain reached a total of 24,887 in February, which represents an increase of 15.9% over the same month of 2015, according to data from the National Statistics Institute, which relate to transactions carried out in previous months.

February’s year-on-year increase, which represents the 21st consecutive month of increases for home mortgages, climbed by more than five points over the January figure, when the number of new mortgages on homes rose by 10.6%.

El Mundo reported that the average value of the home mortgages constituted in February reached 108,466 euros, which is 1.3% less than in the same month of the previous year, while the amount of capital loaned for these mortgages increased by 14.4% year-on-year, to over 2,699 million euros.

Month-on-month (February over January), housing mortgages rose by 6.9%, representing its largest increase in this month since at least 2012, while the capital loaned increased by 9.7%, also registering its most significant increase in the past five years.

By region, those which recorded the greatest number of mortgages constituted on homes in February, were Andalucía (4,675), Madrid (4,654) and Catalonia (3,939), while year-on-year the regions with the highest rates of increase on home mortgages were Extremadura (56%), the Canary Islands (55.8%) and Castilla-La Mancha (29.4%). The only region to register a decline in February was the Basque Country (-12.4%).

Moreover, the regions where most capital was loaned for the constitution of housing mortgages were Madrid (675.7 million euros), Catalonia (492 million euros) and Andalucía (428.7 million euros).

In February, some 89.2% of the new mortgages were of a variable interest rate type, compared to 10.8% which were of a fixed rate type, with the Euribor being the reference rate most used in the constitution of variable interest rate mortgages, appearing in 93% of the new contracts.