Mortgage lending in the Balearic Islands is on the up
According to the latest information provided by the INE (National Institute of Statistics), the number of registered mortgages, in the Balearic Islands, rose by 83.4% when comparing August 2013 to August 2014.
It seems that both the buyers and the banks have a great deal of confidence in the property markets within the Islands. This is evident in Ibiza, where demand for new apartments and luxury villas is currently outstripping supply. Banks are now prepared to lend on large, luxury, villas providing all of the usual personal financial criteria are met.
It seems that the increase in registered mortgages is increasing. As mortgage brokers, we have noticed a sharp increase in the numbers of our mortgage applicants completing on their purchases and using the mortgages arranges by us.
Which Island is busiest?
In the last two years, we have been especially busy arranging mortgages for Ibiza properties, with clients and banks taking a more cautious approach on Mallorca. However, mortgage applicants for purchases of Mallorca properties have rapidly accelerated.
If you are considering the purchase of a Mallorca or Ibiza property, then it could benefit you to begin with a brief chat with one of our local brokers. They will be able to quickly assess the situation and guide you in the right direction.