Average Spanish mortgage amount increased 6.3% in 2017, data shows

New data from Spain’s National Institute of Statistics (INE) has revealed that the average loan capital on new mortgages approved in 2017 was 6.3% higher than in 2016.

The data also showed that the number of mortgages for last year was 10% more than in the year prior, as the Spanish property market’s growth continued apace…

According to the INE, the average mortgage value across 2017 was €116,709, with a growing proportion of mortgages granted on fixed interest rate terms, which rose to around one-third in 2017.

By volume, the data tracked 310,000 new mortgage approvals over the 12 months, with transaction activity growing nationwide: from the 18.4% increase in sales seen in La Rioja to the 1% increase in sales seen in Navarra and Aragón, all 17 autonomous regions of Spain recorded growth last year.

This performance reflects the continued strengthening of Spain’s property market; one that is rooted in both resurgent domestic demand and strong foreign demand. Among foreign buyers, recent data showed that Brits still dominate, and Swedes are ramping up their buying activity across Spain.

This year, experts are forecasting a further 8% sales rise.