Access to housing, especially for the younger generations, is one of the major problems facing Spain today.
The Canary Islands are the fourth Spanish region where prices have increased the most to buy a home in the last five years, 44.79% since 2019, according to the real estate portal pisos.com.
The autonomous community where prices have risen the most in that period is Madrid (+54.80%), followed by the Balearic Islands (+49.87%), and the Valencian Community (+48.77%).
Thus, a 90-meter apartment in Spain required in 2019 a standard down payment of 20% of 32,442 euros. Taking into account the additional 10% of expenses, the figure increased to 48,663 euros.
In 2024, the average down payment of 20% is equivalent to 43,415 euros and 65,122 euros if the additional 10% of expenses are considered. Thus, the money that must be saved to face the down payment of a home has increased by 33.82% in the last five years.
"Buying a home in Spain is complicated, especially for the younger generations, who have less favorable working conditions and are forced to resort to a rental market that ends, in most cases, with their ability to save," says the director of Studies at pisos.com, Ferran Font.
