Eurozone base rates ended 2015 close to zero, making it cheaper than ever to finance a property in countries like Spain. 12-month Euribor – the rate used to calculate most mortgage repayments in the Eurozone – ended 2015 at 0.059%, the lowest rate on record, and down 82% compared to the year before.

Even on a monthly basis, Euribor was down 25% compared to November and is now at an all-time low, and last year’s annualised fall of more than 80% is the biggest on record, all of which reduces the cost of borrowing to buy a home in Spain, at least in the short-term.

A typical borrower with an annually resetting 20-year mortgage of €120,000 will see mortgage payments fall by €14.18 per month, adding up to a saving of €170 per year.

Euribor has been below 1% since June 2012, but Euro interest rates were not always so low. Back in July 2008 they peaked at 5.393%.

Eurozone interest rates are being driven down by the quantitative easing programme of the ECB