A Canary Islander needs the full salary of 8 years of work to pay the mortgage

Housing prices in the Canary Islands increased by 22.5% in 2023, the equivalent of 19 more full salaries than were needed the previous year

EKN

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EKN

April 18 2024 (12:10 WEST)
Updated in April 18 2024 (12:10 WEST)
Arrecife Homes. Photo: José Luis Carrasco.
Arrecife Homes. Photo: José Luis Carrasco.

In the Canary Islands, the gross salary of 97 months, that is, 8.1 years, must be fully dedicated to the payment of the mortgage of a home purchased in 2023.

The data comes from the study Relationship between salaries and the purchase of housing in 2023, based on data from the average salaries of job offers on the InfoJobs platform and the average prices of second-hand housing for sale from the Fotocasa Real Estate Index.

The previous year, 6.4 years of full salary were needed, that is, 19 fewer salaries, but in 2023 the price of housing for sale in the Canary Islands closed with an annual increase of 22.5% and reached 2,421 euros per square meter, while the average gross salary in InfoJobs was 23,908 euros, equivalent to 1,992 gross euros in 12 payments.

In the rest of the country, the largest increase in the time to cancel a mortgage occurred in Baleares, which has gone from 10 years (2022) to 12 years (2023), increasing its mortgage by two years.

After the Canary Islands, Madrid (going from 10.1 years in 2022 to 11.2 years in 2023), Comunidad Valenciana (going from 5 years in 2022 to 5.5 years in 2023), Navarra (going from 5.9 years in 2022 to 6.2 years in 2023), Andalucía (going from 5.5 years in 2022 to 5.9 years in 2023).

More moderate growth has occurred in País Vasco (going from 8.7 years in 2022 to 9 years in 2023), Región de Murcia (going from 3.8 years in 2022 to 4 years in 2023), Cataluña (going from 8.2 years in 2022 to 8.4 years in 2023), Cantabria (going from 5.6 years in 2022 to 5.7 years in 2023) and La Rioja (going from 5.1 years in 2022 to 5.2 years in 2023).

On the other hand, Aragón and Castilla y León, with 5.5 years and 4.9 years, respectively, are the only ones that do not vary the payment time compared to 2022.

 

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