The granting of new construction visas have increased in 2017. More than 60,000 visas have been issued the first 9 months of the year. This information confirms the best quarter since 2010 accordingly to Ministry of Economic Development. In fact, the Real Estate market expects to arrive to 80,000 properties which will be the best figures in the last seven years. Despite of the uncertainty of Catalonia in the last months, the market foresees a positive year.
Last August banks gave 29.1% more mortgages than in August 2016 accordingly to INE. For the first time, the fixed rate mortgages were more than the 40% of given loans. More than 200,000 euros were given during the first 8 months of the year (so the mortgages granted have increased 12,9% this year). The average mortgage amount is 111,488 euros with a minimum interest rate.
The 12 month EURIBOR, reference index for most of the mortgages in Spain, has finished September in a -0.168%, which is the thirteen minimum historic consecutive. That means that the mortgages reviewed will decrease about 1% and experts do not dismiss that there are further descents before the year ends. It is important to know that it doesn´t affect only to the existent mortgages but also to the new ones. So it is expected a fast recovery on the sales.
Secretary-General of the Spanish developers association wish expects that the buiding activity continues increasing and he wishes that a demand of 120.000-130.000 new houses per year. He estimates new property licences for 85.000 homes which shows and important recovery of the Real Estate market