- House prices are soaring in Spain and Portugal (Spain +12.9% YoY, Portugal +17.8%), driven by strong demand and tight supply.
- Banks are fiercely competing on mortgages — some offering very high LTVs (up to 90–100%) — while regulators are nudging limited cooling measures.
- Authorities say the situation isn’t a 2008 repeat (lending metrics below past peaks and most new loans are fixed‑rate), though affordability and correction risks linger.
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