The average loan capital on new mortgages in Spain increased by 7.1% in February to €115,883, according to recent data published by the Central Statistics Unit
The report confirms that although the property recovery is still ongoing the pace of the property recovery varies from region to region.
Mortgage loan values increased 41.2% in Cantabria, the most significant rise to occur across the country. Asturias, also in northern Spain, followed with an increase of 17.3% increase and in Galicia mortgage loan values rose by 14.3%.
In contrast, mortgage borrowing shrunk the most in Extremadura, Navarra and the Basque Country with values decreasing by 15.9%, 12.3% and 10.3%, respectively.
There was a slight blip in February with mortgage activity decreasing by 2.7%; however this could be down to February having one less working day.
The minor decline is only the second downturn since mid-2014 so it is not expected to be a reoccurring trend. The running 12 monthly totals (March 1st 2016-to March 1st 2017) for the number of new mortgages is just fewer than 285,000, a healthy increase of 12.7%.
Tags: Mortgage Capital Spain, Spanish Mortgage