With Euribor (the bank rate most commonly used to set mortgage interest rates in the Spanish property market) falling to 0.335% in November 2014, now could be the best time for property buyers aspiring to a home in Spain to act, according to the director of a major Spanish property portal.
Martin Dell, director of Kyero.com, says: “Quite simply, better access to finance means more sales to both domestic and overseas buyers. More than 90% of Spanish mortgages are based on Euribor, which is at its lowest-ever rate. This means huge savings for long-term borrowers, tempting many to take out mortgages to buy their dream home.”
Data from the National Statistics Institute illustrates a positive trend in the Spanish mortgage market, with the number of mortgages taken out in September up 29.8% on the year before. June, July and August 2014 showed year-on-year increases of 19%, 28.8% and 24% respectively.