How many years of salary do you need to buy a house? Check the map with prices by province
He trying to buy a house in Spain it is approaching levels not seen since 2011, according to data published by the Bank of Spain. House prices continue to rise, and although wages have also risen in recent years, this is happening at a slower pace.
According to a study by Fotocasa and Infojobs published in 2023, wages have increased by 3.4% and housing for sale by 8.5% over the past 10 years. In the third quarter of 2023, the Spaniards needed to carry out effort equal to 39.2% of your gross salary to be able to pay off the mortgage within the first year, according to the Bank of Spain.
Year-on-year data released by the organization this week shows that seven and a half years gross annual salary required to be able to buy a house in Spain. The series, which collects data since 1987, peaked in the third quarter of 2007, coinciding with the financial crisis when it took Spaniards almost nine and a half years of their salary to be able to buy a house.
As for the cost of your salary to pay the mortgage for the year, the maximum was in the 90swhen they arrived to allocate up to 72% of gross salary.
Here’s how wages have changed in Spain
wage In Spain they also evolved during this time. According to INE, the average salary in 2022 was 2,128.37 euros, compared to 1,572.59 euros in 2006. However, there are large differences depending on the age group. Young people aged 16 to 25 earn an average of €1,315.45 per month in Spain, which is around €500 less than the next age group.
Map of house prices by province
When it comes to home prices, data presented in a report from Apartments.com shows that half price housing in Spain reached in January 2024 2181 euro per square meter, what represents an increase of 10.8% compared to January 2023.. In Spain as a whole, to a greater or lesser extent, all autonomous communities registered an increase compared to the previous year.
Province-by-province data from piso.com shows that climbs the larger ones occurred in Lleida, Valencia and Santa Cruz de Tenerife. Against, Ourense, Teruel, Alava and Zamora They are the only ones who registered descents in housing prices compared to January last year.
According to the report, in January 2024, the provinces in which a square meter was the most expensive were the Balearic Islands (4,181 euros per square meter), Madrid (3,854 euros/m²), Gipuzkoa (3,618 euros/m²), Barcelona (3,089 euros). m²) and Vizcaya (2,975 euros/m²). At the bottom of the table, Ciudad Real closes the classification with a price of 639 euros per square meter. Other economic provinces were Jaén (€701/m²), Caceres (€768/m²), Cuenca (€792/m²) and Teruel (€819/m²).
According to the Bank of Spain, The annual increase in nominal housing prices increased to 4.5% in the third quarter of 2023 due to supply shortages and the carryover of past increases in the cost of construction materials.