The window of a property in Madrid. / EFE
The Spanish property market still trying to find its soil after six years of crisis. In another sign that housing is now stabilizing the economy grows and employment has improved, the INE has published this Friday mortgages soared in July. According to the statistical office, granting home loans rose by 28% over the same month of 2013, reaching 18,107 credits.
The advance of July is the second and especially represents the largest increase year on year since the bubble burst in late 2007, however, remember that the market came from its lowest point in 2013 after the abolition of the tax deduction for the purchase. Hence the dramatic jump in July. The improvement, in turn, coincides with the balance that makes the Bank of Spain on the development of new credit. The statistics of this institution were already announced in January that funding, though not to the companies, it has become for homes.
As for prices, the total amount of these loans amounted to 1826.37 million, an increase of 28.5% over July 2013 and 8.1% from the previous month, also the highest monthly change since 2010.
The average amount of mortgages stood at 100,866 euros at the end of July, down 0.3% from the same month last year, although compared to June rose 2.3%. After changing conditions, the average interest rate loans fixed rate mortgages increased to 0.81 points and variable rate mortgages is reduced 1.40 points, to 3.09%.
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