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EASY MONEY Lanzarote Mortgage Approvals Soar By 92%

Thursday October 29, 2015

EASY MONEY Lanzarote Mortgage Approvals Soar By 92%

The number of mortgages approved by local banks has risen by a whopping 92% during the first eight months of 2015, providing a substantial boost for the Lanzarote property market.

Data just released by the Canarian Institute of Statistics reveals that between January and August this year locally based banks handed out mortgages to the value of €174 million – a figure that is 92% up on the same period in 2014.

This lending was made against a total of 1197 properties, with the vast majority of the money funding purchases of houses and apartments, as opposed to building plots and rural land.  By contrast, during 2014, a total of just 1382 mortgages worth a total value of €126 million were processed during the entire year.

Local banks have been actively encouraged to lend more money to consumers by the launch of the European Central Bank´s quantitative easing programme earlier this year, which released €1.1 trillion into the continent´s money supply, a figure that could yet increase further as growth remains disappointing within the Eurozone.

 

 

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