According to the Spanish National Statistics Institute, Spanish mortgage lending for housing totalled €6.5bn in February, +3.5% higher than in the same month a year ago, which is the first rise since July 2007.

This is the biggest percentage rise since April 2007. Mortgage lending fell -5.5% in the previous month. In February, home sales rose by nearly +20% even as property prices still held at low levels. According to Reuters, Spanish retail bank Bankinter’s chief financial officer told analysts the bank had seen a “slight improvement” in demand for mortgages in Q1 2010 compared to a year ago.

Spanish unemployment still stands at over +19% which is the highest in the Euro-zone. Official data also showed that the average mortgage value fell -4.6% in February year-on-year to total €118,185.