One can feel a real sense of recovery in Spain and, while banks are offering increasingly competitive mortgage facilities, the recession has left deep scars and the mistakes and unsustainable lending of the boom years are not to be forgotten.

Gone are the new build marketing tools offering guaranteed rental returns and threatening imminent price rises if you don't "buy today". At the time, new build sales accounted for approximately 40% of property sales, whereas so far this year, sales in this sector of the market are down to just 14% of total property sales and many of these new builds have been sitting empty for several years.

Spanish mortgage providers are becoming more aggressive as the property market begins to strengthen again. So far this year, there has been a 20% increase in the number of mortgages issued compared to the whole of 2014. Borrowers are being lured with competitive both fixed and flexible rate mortgages. 

Deposits of between 20% and 40% are being required by lenders but rates offered can be as low as 2% on a ten year fixed rate mortgage and 2.75% for a 20 year term. 

Valuations are a prerequisite to obtaining a mortgage and the association of Spanish valuers, of which leading companies such as TINSA are members, has reported an increase in the number of property valuations carried out this year to the tune of approximately 18.5%

Spain remains one of the most attrative destinations with tourism continuing to reach new highs and there is renewed interest from those who are looking to move or retire to a home with a Mediterranean lifestyle.