Data from the National Statistics Institute (INE) in Spain shows that home loans in the country rose for the sixth straight month in November 2014. The organisation expects the recovery to gain momentum this year after the quantitative easing measures announced by the European Central Bank (ECB) recently.
The number of residential mortgages handed out in Spain rose just over 14% in November compared to 2013.
ECB plans to pump hundreds of billions of euros in new money into the eurozone economy, which many bankers and real estate experts say should keep the mortgage market recovery on the same path in 2015..
“The bond-buying programme approved last Thursday by the ECB should create incentives for mortgage financing, as well as pushing Euribor down,” Spanish property website Fotocasa said, referring to the bank-to-bank lending rate often used to underpin home loans.
The average interest on home loans in Spain was 3.49% in November, the INE data showed, down from 4.29% a year earlier.