In Spanish property news this week, the signs of a housing recovery are increasing.
Official government figures have just posted the first increase in property prices for 7 years. The increase is slight, as would be expected after such an extended downturn in the market, but significant nevertheless as it signals that house prices have already bottomed out in Spain.
In another drawn-out 7 year cycle, the number of new mortgages grew for the first time last year. Since 2007, mortgages have plummeted but a return to profit for the banks has meant that credit is now becoming more accessible.
Mortgage activity increased notably as the year went on, though loans were still restrictive for first time buyers, with a hefty deposit requirement of 20-30 percent for fiscal residents and 30-40 percent for non-residents.
Finally this week, one more show of improvement for the Spanish housing industry - real estate investment in 2014 topped 10 billion euros for just the second time on record. It’s a figure only beaten in 2007, and shows the renewed confidence that has returned to Spanish real estate after 7 long years ago of hardship.
Here's the best of this week's Spanish property news.
Official government figures have just posted the first increase in property prices for 7 years. The increase is slight, as would be expected after such an extended downturn in the market, but significant nevertheless as it signals that house prices have already bottomed out in Spain.
In another drawn-out 7 year cycle, the number of new mortgages grew for the first time last year. Since 2007, mortgages have plummeted but a return to profit for the banks has meant that credit is now becoming more accessible.
Mortgage activity increased notably as the year went on, though loans were still restrictive for first time buyers, with a hefty deposit requirement of 20-30 percent for fiscal residents and 30-40 percent for non-residents.
Finally this week, one more show of improvement for the Spanish housing industry - real estate investment in 2014 topped 10 billion euros for just the second time on record. It’s a figure only beaten in 2007, and shows the renewed confidence that has returned to Spanish real estate after 7 long years ago of hardship.
Here's the best of this week's Spanish property news.
(kyero.com)
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