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Learn moreOct 2019
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The Spanish economy demonstrated the initial signs of a slowdown in 2019. According to the Bank of Spain’s latest forecast, Spanish GDP will grow by 2.
The low interest rate for mortgage credits and the recent recovery of the economy were among the factors for the strong growth of new mortgage contracts over the review period, which will lead to a strong increase in the outstanding balance over the forecast period. The outstanding balance had declined over the review period as a result of the lower rate of new mortgages being taken out during the economic crisis.
A new Law on Mortgages was approved by the Spanish Congress in February 2019. The law will increase transparency around the conditions concerning mortgage loans, regulate the legal status of real estate credit intermediaries and real estate lenders, strengthen the guarantees for real estate credit recipients in the contracting process, lower costs associated with changes in mortgage contracts and establish penalties for breaches of the provisions of the contract.
The Bank of Spain continued its close vigilance around the rapid increase in the volume of new consumer credit in 2019, especially for durables and auto lending, both of which recorded double-digit average growth over the forecast period. According to The Spanish Banking Association, consumer credit in Spain represents around 5% of banks’ portfolio in the country.
After strong growth in gross consumer lending over the majority of the review period, lower rates were recorded in 2019 across all categories as the recent strong economic growth began to slow and consumers became more cautious. This attitude is set to continue over the forecast period, with lower current value growth expected than that witnessed over the review period.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Consumer Lending industry in Spain with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Lending industry in Spain, our research will save you time and money while empowering you to make informed, profitable decisions.
The Consumer Lending in Spain market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Consumer Lending in Spain, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.