Interest rates are starting to decrease, but Euribor (which is the market short term interest rate) is still too close to 3,7% and reducing with a slower path than expected.
Promotional rates, fixed for medium term periods (from 2 to 5 years), can be a good option to anticipate gains, save money in the short term and avoid short term volatility.
There are two major reasons why interest rates can be less competitive: customer scoring and/or percentage of own funds dedicated to property acquisition. If you are considering investing in Real Estate, try to allocate at least 30% of own funds to get the best deals. In fact, that option increases probability of being eligible, to have access to better rates and, in some cases, avoid additional cross-selling products, namely some insurances.
Variable or Fixed is not only a decision based on your aversion to risk. Yes, it is true that, the more adverse to risk you are, the better you will feel using fixed rates, but actual interest rates are high ( so, it is very likely that interest rates continue to fall) and, if you strongly believe you will have extra savings in future that you want to use to pay extra capital of the loan, be aware that that fees for prepayment are much lower when you are in variable rate period (either in variable or mixed rates) than when you are in fixed rates.
In fact pre-payment commission vary from 0,5% on capital prepaid (in variable rate period) to 2,00% (in fixed rate period). That is why choosing a type a rate is not only a question of risk aversion.
For a non-resident the maximum term for a mortgage loan is 30 years (or 75 years old by the end of the contract if less than 30 years). You can choose shorter periods if you think you can pay in shorter periods but be aware that the initial term of the contract affects the monthly payment and your eligibility depends on the comparison between the loan monthly payments and your actual net income so, the longer the term, the more likely you will be eligible and, after all, make capital pre-payments during the contract is not significantly expensive, especially if you are in variable rate period.