75% of Spanish Property Sales Financed With a Mortgage

According to data from the Spanish Land Registry, 133,618 residential mortgages were registered in Spain during Q1 2026, up from 132,385 in the previous quarter, a quarterly increase of 0.9%. Mortgages accounted for 75% of all residential property transactions during the quarter, 0.8 percentage points higher than the previous quarter.

Seven autonomous communities recorded quarterly increases in mortgage activity. The highest volumes were registered in Andalucia (27,270), Catalonia (24,254), the Madrid Region (20,379), and Valencia Region (15,640).

Interest rates on newly issued mortgage loans edged up by 0.02 percentage points to an average of 2.99%, ending a seven-quarter downward trend. The average fixed rate fell slightly by 0.02 percentage points to 2.88%, while the average variable rate rose by 0.15 percentage points to 3.24%.

The regions with the lowest average mortgage rates were Basque Country (2.45%), La Rioja (2.78%), and Balearic Islands (2.84%). The highest rates were recorded in Asturias (3.24%), Castilla-La Mancha (3.23%), and Canary Islands (3.23%).

Fixed-rate mortgages continued to gain market share, rising 3.16 percentage points to account for 67.11% of all new loans issued. Variable-rate mortgages represented 32.89% of new lending, with nearly all linked to EURIBOR (32.54% of the total market). In 16 of Spain’s 17 autonomous communities, fixed-rate mortgages outnumbered variable-rate ones.