Spain still top for clean beaches

Spain and Tenerife's blue flag beaches entice tourists

Despite considerable commercial development along its coastline, it appears that Spain has managed to keep its waters amazingly pristine – 511 of its beaches have been awarded the prestigious Blue Flag eco label this year, proving the nation is still a prized tourist destination for natural attractions.

For the second year running, the country attained the largest number of the prestigious environmental certifications out of any country in Europe, with 104 of Valencia’s beaches, 66 in Andalucia and 63 of the Balearic Islands’ idyllic coves being awarded.

Local authorities can nominate their own beaches for the Blue Flag certification, but it must adhere to strict environmental standards, which have led to a number of previously awarded beaches being struck off the list in recent years, including some in Britain and Israel. Spain’s continuing vigilance when it comes to the environmental quality of its waterways will ensure it remains the ‘beach capital’ of the Continent this summer, a fact which is sure to please estate agents and property owners looking for a happy high season. 

“It is hard to find a better beach haven than Spain and we are lucky that many of our residential developments reside where Blue Flags fly high”, said Ignacio Osle, sales director at locally-based housebuilder Taylor WImpey de Espana. “Beaches across Spain have been vastly improving year on year and along with the relatively short flight times from anywhere in Europe combined with declining holiday costs, visitors will no doubt continue to flock to Spain to sample its glorious beaches.”

Latest mortgage news

Loans increas in Tenerife and Spain as property prices are more affordable

Mortgage costs in Tenerife and Spain reduce making property purchases more affordable

Euribor (12 months), the interest rate normally used to calculate mortgage payments in Spain, fell to an all time record low of 1.41% in July, down from the previous record low of 1.61% in May. Euribor is now 73.8% lower than it was this time last year, when it hit a high of 5.393%, leading to significant savings for mortgage borrowers on annually resetting mortgages.

Thanks to the latest drop in Euribor, the average borrower can expect to save around 300 Euros per month, or more than 3,500 Euros per year, on mortgages that reset now.
Euribor has been following down base rates set by the European Central Bank. These started falling in October last year, when they were lowered from 4.25% to 3.75%, and now stand at just 1%. The relentless recent fall in Euribor suggests that the market might be expecting further cuts in base rates.Mortgages fuel the property market, so activity in the mortgage market is an important indicator for the property market.

The latest figures from the National Institute of Statistics (INE) reveal that mortgage activity is still significantly down on last year, but may have turned a corner in May as key figures started to improve on a monthly basis.

The number of new residential mortgages signed in May fell by 23% to 57,614 compared to the same month last year, but rose by 15% on a monthly basis.

The average mortgage value in May fell 14% to 121,120 Euros year on year, but rose 5% month on month.

Overall new mortgage lending was 7 billion Euros, 33% less than a year before, but 20% higher than April.

The average interest rate agreed for new mortgages in May was 4.6%, 11% lower in percentage terms than a year ago, and 2.2% lower than the preceding month.

96% were variable rate mortgages, the remainder fixed rate