The number of new mortgages granted for residential purchases grew an annualised 18 per cent to 17,687, according to the latest figures from the National Institute of Statistics (INE), based on sales inscribed in the Property Register for October.
The average residential mortgage value fell 2.6 per cent to €99,866, significantly below the average value of €107,800 in September.
The total value of new mortgage lending for residential purchases was €1.766 billion, up 15 per cent in a year.
The biggest increase in lending by region was in the Valencian Region, up 46 per cent, followed by Aragon, up 37 per cent, Castilla-La Mancha (+35%), La Rioja (+32%), and Murcia (+27%).
Increasing mortgage lending is a prerequisite for any recovery in the housing market.