Balearic Islands, Madrid and Catalonia, the communities where it costs more to access a home in property
The housing prices New is still far from changing the cycle, despite the fact that in Spain its rise is less intense than in other markets. In 2021, new properties have become more expensive by 3%, according to estimates from the Appraisal Society.
Spain is going to stop being a country of owners while the sale of flats soars
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Beyond this upward trend in prices - which in the case of used housing would have exceeded 1% for the year as a whole - not in all autonomous communities is it equally easy to access a home that you own.
Where it is more difficult is in the Balearic Islands, Madrid and Catalonia, according to the estimates of the aforementioned property valuation firm. In its analysis, it takes into account the ability to buy a home of a person with an average salary and a saving capacity of 20% on the sale price of the property.
The economic effort
In this way, the Appraisal Society establishes an index based on 100. In the Balearic Islands (-49), Madrid (-88) and Catalonia (-92), with the average salary, it would not be possible to access a home "without borrowing more than reasonable. " At the opposite extreme, Murcia (170), La Rioja (169) and Extremadura (155) would be the regions where less economic effort is necessary.
In this sense, the Appraisal Society points out that 37% of citizens between the ages of 25 and 34 receive a gross monthly salary of less than 1,337 euros per month; while that percentage rises to 61% in the case of those under 25 years of age.
"In the accessibility to housing, the main variables are employment and wages," said Juan Fernández-Aceytuno, CEO of the Appraisal Society, in a meeting with the media. "The number one problem is wages, which make access impossible," he pointed out, alluding to the requirement to allocate at least 30% of income to housing.
New priorities
Instead, he perceives that among the young, there is less and less need to become homeownersEither due to lack of economic capacity or because they do not want to tie themselves to a home of their own.
"There are young people who do not even consider it, because they do not want to tie or commit to the salary they have, or because they do not want to do without a capacity for geographical mobility," says Fernández-Aceytuno. "Buying a home is not a priority as in previous generations. They prefer to rent as they rent cars or motorcycles," he argues. That "makes the rent take a power for the next few years."
The impact of the Housing Law
The Appraisal Society does not go into the details of the evolution of rental prices, nor the impact that the new Housing Law, which the Council of Ministers plans to approve in the second round on Tuesday, January 18.
"It is very premature to speak out," says Juan Fernández-Aceytuno. The norm "has defects, the industry should have participated more, also the autonomous communities, have sought consensus before. The Law is part of the legislative agreement, it is a commitment that has been fulfilled. We will see in the parliamentary process. It is very soon, there may be changes. "
Regarding the rise in prices of new housing -of 3% in 2021- Sociedad de Valuation does not perceive a brake in this 2022, motivated by the change in demand after the pandemic, despite the fact that this cycle of rising prices is already drag since 2015.
Among the factors for the continued rise in prices, point out that flats are being demanded, for example, with terraces or better energy efficiency. However, while the rise in Spain is 3%, in the United States it exceeds 18% and in the European Union as a whole, 7%, he points out.
"The limitation to increase the price of housing is wages. They are a cap. If wages remain low, obviously we cannot expect prices to grow the same as in other markets," summarized the CEO of Sociedad de Valuation.
