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Spanish Mortgage Lending Surges 48% as Homes Recovery Takes Hold

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One Chart Shows Why Spain Pays So Much to Borrow

Spanish mortgage lending rose the most in 11 months in July as competition between lenders helped curb borrowing costs.

Lending for all types of property climbed to 4.68 billion euros ($5.2 billion), a 48 percent increase compared with a year ago and the biggest percentage gain since August 2014, according to data released by Spain’s National Statistics Institute on Friday. The amount of credit granted to home buyers rose 27 percent to 2.28 billion euros, the data showed.