In the first half of 2025, a total of 243,257 mortgage loans were signed in Spain to buy homes, a 25% increase over the same period last year and the highest figure since 2011.
According to data published yesterday, Wednesday, by the National Institute of Statistics (INE), in June alone, loans exceeded 41,800 signings, a 31.7% annual increase. The average mortgage amount also grew by 15.5%, reaching 168,363 euros, with an average interest rate of 2.99%, slightly above the 2.91% in May.
Fixed-rate mortgages remain the most in-demand, accounting for 72% of all those granted, while variable-rate mortgages are losing ground despite the drop in the Euribor. The vast majority of sales (78%) are for second-hand homes due to the scarcity of new construction.
At a pace of 1,886 mortgages signed daily, it’s easy to imagine that real estate prices will continue to rise. Prices have already increased by 15% in the last year and are becoming unaffordable for a large part of the population (an average 80-square-meter apartment now requires 15 full years of salary to purchase). To curb this “diabolical spiral,” the Bank of Spain says we would need half a million more homes.
