a
Print
version

Over the past decade, home prices in Spain have surged by 34%

  • 10
Home and apartment prices have significantly outpaced average salaries over the past 10 years.

What has happened

According to a report by the real estate portal Pisos.com, over the past 10 years, housing prices in Spain have risen by 34%. This is 10 percentage points higher than the increase in average salaries over the same period. The report indicates that a significant portion of the country's population has lost purchasing power.

Details

The study reveals that in March 2014, the average price per square meter of housing in Spain was €1,658 — 34.56% lower than in the same month in 2024 (€2,231).

"The data is very clear and shows a clear trend of rising housing prices over the past decade, which has spread more or less evenly across the country, with a particular focus on high-demand areas such as the Basque Country, Madrid, Catalonia, and the Balearic Islands," explained Ferran Font, research director at Pisos.com.

Thus, 10 years ago in Spain, there were only three regions where the square meter cost more than €2,000 – the Basque Country (€2,879), the Balearic Islands (€2,172), and Madrid (€2,143). Now, six regions significantly exceed this figure, including the Balearic Islands (€4,268), Madrid (€4,020), the Basque Country (€3,119), and Catalonia (€2,758).

The problem

The report acknowledges that potential homebuyers are losing purchasing power and savings opportunities due to stagnant wages. According to the latest available data from tax authorities (2022), the average annual salary in Spain is €22,781, only 23.68% higher than it was 10 years ago (€18,420).

"This is undoubtedly one of the most serious problems facing the real estate sector. Government bodies, along with industry stakeholders, will have to overcome this to ensure market access for various age groups and capabilities," said Font.

Please read also: Foreign purchasers face higher prices: the costs of square meters in Spain reach record levels

Source: Sur in English

Photo by Victor on Unsplash

Quoting conditions of Prian.info materials

Share the link:
Tags: Spain, Market Analysis, Investment, Real Estate

Read also

Real estate of Spain, Italy, Montenegro and Cyprus - the most popular countries in Southern Europe. The main trends of 2023 and forecasts for 2024.
Our partners - realtors and developers – have told us about the main trends in the real estate...
High interest rates will have a long-term impact on European home prices – opinion of Standard & Poor’s
In most European countries, housing costs will fall by about 8% by the end of 2024.
Housing prices in the EU have increased by almost 50% in 12 years
Purchase prices are rising faster than rental rates.
The supply of residential real estate in Spain is declining
In the third quarter of 2023, the number of residential units available for purchase has...
Spanish real estate market: the prices soar, mortgage activity revives, and foreigners keep pace
The Council of Registrars has published the "Real Estate Registry Statistics" for the first...
The easiest сountries to get сitizenship in the EU have been revealed
The study was conducted by the Canadian immigration agency CanadaCIS.

Interesting to read

News and articles on the topic «Spain»

Spanish real estate market: the prices soar, mortgage activity revives, and foreigners keep pace

The Council of Registrars has published the "Real Estate Registry Statistics" for the first...

  • 22.05.2024
  • 18
  • 20.05.2024
  • 30