A slight improvement in the monthly number of new mortgages sold in March has prompted optimists to call the bottom of the Spanish property market. Though the number of new mortgages signed in March fell 25.5% compared to the same time last year, the rate of decline appeared to slow compared to monthly falls of between 30% and 46% since November last year.
Furthermore, the figures, from Spain’s National Institute of Statistics (INE), show there were 52,439 residential mortgages signed in March, an increase of 1.2% on the number signed in February, which in turn was slightly better than January.
That was enough for leading national papers like El Pais to suggest that the Spanish property market might have touched bottom in recent months.
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