Spanish mortgage approvals up 16.8% in October 2016

Following respective increases of 6.4% and 10% in August and September, this is the third consecutive month of rises in mortgage approvals.

According to provisional data released late last month by Spain’s National Statistics Institute (INE), the number of mortgage approvals recorded by the country’s Property Registers in October totalled 22,581 – a huge 16.8% rise compared to figures for the same month in 2015…

Following respective increases of 6.4% and 10% in August and September, this is the third consecutive month of rises, and as you would by now expect, it’s the autonomous regions of Andalucía (4,513), Madrid (3,904) and Catalunya (3,561) that are leading the field in terms of actual volume, while the regions where the most capital was lent for the constitution of mortgages were Madrid (with €593.7 million), Catalunya (€450.3 million) and Andalucía (€423.8 million).

At the same time, 71.4% of the mortgages granted in October were variable rate loans, as opposed to 28.6% fixed rate loans.