According to the latest economic study by one of Spain\u2019s leading banks, the Caixa Catalunya, buying a new flat in Madrid would cost over 40% of household income. This comes at a time when 60% of families can\u2019t even afford mortgages totalling 40% of their income.<\/p>\n
Madrid is the most expensive place to buy a property in Spain followed by the Basque Country in second place and the Balearic Islands in third place.<\/p>\n
In Catalonia it is estimated that families need to dedicate around 30% of their net household income to paying their mortgage, a similar figure in Asturias and Valencia.<\/p>\n
Other places in Spain where buying a property requires less than 30% of total net income are Extremadura Galicia, Castilla-La Mancha, Castilla-Le\u00f3n, Murcia, Navarra, La Rioja, Arag\u00f3n, Cantabria and the Canary Islands.<\/p>\n
A relatively strong economy, low interest rates and demand outstripping supply are just some of the explanations for the recent property price boom. However this has led to a situation where property prices have risen disproportionately in relation to average salary levels over the past few years. The reality of this situation means that a high percentage of households throughout the country have no chance of getting onto the property ladder.<\/p>\n","protected":false},"excerpt":{"rendered":"
According to the latest economic study by one of Spain\u2019s leading banks, the Caixa Catalunya, buying a new flat in Madrid would cost over 40% of household income. This comes at a time when 60% of families can\u2019t even afford mortgages totalling 40% of their income. Madrid is the most expensive place to buy a property in Spain followed by the Basque Country in second place and the Balearic Islands in third place. In Catalonia it is estimated that families need to dedicate around 30% of their net household income to paying their mortgage, a similar figure in Asturias and <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26],"class_list":["post-6022","post","type-post","status-publish","format-standard","hentry","category-sin-categoria","tag-economic-and-business-news"],"yoast_head":"\n