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September 18, 2014

Buy an apartment in Spain is more affordable than in other European countries

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Buy an apartment in Spain is more accessible than the average in the European Union, as shown by a recent analysis of the real estate market, made by an international auditing company “Deloitte”. The ratio is equal to 4.4 times of gross income, compared with a European average of 6.1. Most efforts to buy a home, should be applied in the provinces of Guipuzcoa and Barcelona, because of the high cost of real estate here; least of all in La Rioja, Lerida, Murcia, Pontevedra, where buying a home is more affordable, with rates below 30% of income. In Cadiz, in the meantime, the difficulty in buying a home are marked by macroeconomic conditions.

20 Spanish provinces are able to recover in the near future activities in the real estate market. However, the number of states that can not normalize their activity, decreased from 11 to 4.

According to the published report, the average rate of efforts of the Spanish households (percentage of family income, which is sent to the payments on a mortgage) has been steadily declining in recent years and has fallen to 33%, a level close to reasonable levels of balance. This decline is associated with a accumulative decline in house prices since the crisis began.

Similarly, the average price of housing in Spain, without taking into account the variable “funding” to carry out a comparative analysis with the countries of the European Union, already equals 4.4 individual gross wages, compared with a ratio of 6.1 on average in the European Union. In countries such as England and France, such ratios are, respectively, 8.5 and 7.9 times.

A new analysis of the European real estate market by Deloitte for this year reflects a more positive picture than the last three years. In particular, it indicated 20 Spanish provinces, which will be able to restore business and activity in real estate, taking into account both their macroeconomic environment (demographics, unemployment, population growth, etc.) and the fundamentals of real estate market (housing costs, efforts , etc.). These provinces are Alava, Asturias, Baleares, Barcelona, Burgos, Cantabria, Guipuzcoa, Guadalajara, Huesca, La Coruna, Lleida, Madrid, Navarra, Palencia, Segovia, Soria, Teruel, Valencia, Valladolid, Viscaya. The analysis also shows a group of provinces, which still need to put a lot of forces for the normalization of their real estate market. In 2014, these four provinces are Almería, Castellón, Ciudad Real and Toledo, compared to 11 in 2013 and 21 in 2012.



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