Mortgages in Spain upturn month on month
Whilst down agains the same month of 2020. This being prior to impact of COVID, Spanish loans were up against the previous month of this year.
Average loan sizes were significantly down making capital lent only up by a margin, but last years loan sizes were skewed by abnormal reporting.
Regional variations
Regionally the figures showed a similar pattern across the whole of the Spain but of the main tourist areas only the Canaries saw a dip on Mortgage in Spain numbers over January reported figures.
Andalucia drop property tax levels
Andalucia region announced a cut in property tax levels dropping from 8% to 7% for the first 400k. This will have been done to stimulate activity and other regions may follow suit.
Interest rates stable
Interest rates are low and stable and for the first month in a few fixed rate loan contracts made up 55% of all Spanish Mortgage completions. Spanish Banks remain competitive against each other.
Read the full article:- February 2021 Spanish loan completions
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