Property in Spain Costs Less than other areas of the EU

BUYING a place Spain is cheaper than elsewhere within the EU.

As published by the annual analysis on Spain’s real estate market conducted by Deloitte, the proportion of finance spent by households on mortgage payments – rate of effort – has been constantly falling in recent years and it now stands at thirty three per cent, as a consequence of the decline in house costs registered since the start of the recession.

Moreover, the typical home value in Spain is 4.4 times the individual gross wage, compared to most other countries within the European Economic Community where the value is on average 6.1 times the individual gross wage and United Kingdom and France, whereby the amount is 8.5 and 7.9 times the individual average earnings.

For the fourth year and compared to the remainder of the country, property owners in Barcelona and Guipuzcoa have had to pay a bigger proportion of their earnings on mortgage payments, given the high value of housing in those provinces.

In contrast, purchasing properties in La Rioja, Lleida and Pontevedra is more accessible, since the speed of effort is less than thirty per cent.