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ARCHIVED - Sharp upturn in Murcia property mortgage activity during October
Long-term stability in lending against property appears to be settling in the Costa Cálida
Earlier this month statistics were published which showed that property sales in Murcia rose by 3.4 per cent in October, and more data which were made public this Friday show that there was a far more pronounced increase in mortgage activity during the month, with 28.1 per cent more loans being taken out than in October 2018.
The number of new mortgages registered on residential property was 908 (as opposed to 591 the month before and 709 in October 2018, and the rise was the second most significant in the 17 regions of Spain, being surpassed only in the Canaries: the nationwide total fell by 2.1 per cent, with the sharpest decreases being reported in Asturias and Navarra.
Back in Murcia, meanwhile, the average loan capital of 82,838 euros was 7.7 per cent higher than in October 2018, although in general this can be a rather volatile statistic in the Region, ranging between 70,000 and 100,000 euros over the last 18 months.
In general terms the figures published over the last few months suggest that the property market is becoming significantly less dynamic in Spain at the moment, possibly in part due to the continuing uncertainty over the country’s political future, the generalized slowing down of the economy and the feeling that unemployment is no longer falling as significantly as it has over the last 5 years or so. In Murcia, though, the signs are still inconclusive: sales figures are still rising in the long-term picture, albeit moderately, while over the last twelve months the total for property mortgages taken out stands at 8,523, representing a rise of 0.8 per cent over the last 12 months (and an increase of 74 per cent since the market bottomed out in the spring of 2014), while in Spain there has been a rise of 1.3 per cent over the same period.
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