In the Canary Islands, the gross salary of 111 months, that is, 9.2 years, had to be fully dedicated to the payment of a home purchased in 2024, according to the study "Relationship of salaries and the purchase of housing in 2024", based on data from the average salaries of job offers on the InfoJobs platform and the average prices of second-hand homes for sale in the Fotocasa Real Estate Index.
This represents that in just one year,Canarians have had to allocate 14 more months to the payment of housing compared to the previous year.
In 2024, the price of housing for sale in the Canary Islands closed in December at 2,736 euros per square meter. This means that, taking into account the average gross salary registered by InfoJobs, which in 2024 was 23,686 euros (1,974 euros gross per month if we divide it into 12 payments); Canarians had to dedicate 9.2 years of their full salary (111 months) to the payment of a home of 80 square meters.
"Although incomes have improved slightly, the cost of housing has grown almost 3 times faster, driven by the scarcity of supply and high demand, which create a very strained market," explains María Matos, Director of Studies and spokesperson for Fotocasa.
"The average of 27,060 gross euros per year offered in the vacancies published on InfoJobs in 2024 has increased by more than 800 euros compared to the previous year. A 3.1% increase which, compared to the 2.8% variation in the CPI, reflects a slight improvement in purchasing power, which is beginning to recover after a few years in negative territory due to inflation and the price crisis that has been experienced throughout the Eurozone.
This year-on-year growth, moreover, is the most relevant on the platform in recent years and represents 1,660 euros more than in 2019," comments Mónica Pérez, Director of Communication and Studies at InfoJobs.
The amount decreases in Aragon and Navarra
In 2024, twelve autonomous communities have seen an increase in the time it takes to pay for a home, while in three of them the time remains the same and in two (Aragon and Navarra) the period decreases compared to the previous year.
In the Balearic Islands, it has gone from 12 years (2023) to 13.5 years (2024), increasing the payment by 18 months. They are followed by the communities of Canary Islands (going from 8.1 years in 2023 to 9.2 years in 2024), Madrid (going from 11.2 years in 2023 to 12.2 years in 2024), Valencian Community (going from 5.5 years in 2023 to 6.4 years in 2024).
In Cantabria (going from 5.7 years in 2023 to 6.3 years in 2024), Andalusia (going from 5.9 years in 2023 to 6.4 years in 2024), Extremadura (going from 3.6 years in 2023 to 4.1 years in 2024), Galicia (going from 5.5 years in 2023 to 6 years in 2024), Asturias (going from 4.8 years in 2023 to 5.2 years in 2024), Region of Murcia (going from 4 years in 2023 to 4.4 years in 2024), Basque Country (going from 9 years in 2023 to 9.3 years in 2024) and Castilla-La Mancha (going from 4 years in 2023 to 4.1 years in 2024).
On the other hand, the two communities in which the payment time is reduced are: Aragon (going from 5.5 years in 2023 to 5.3 years in 2024) and Navarra (going from 6.2 years in 2023 to 6 years in 2024), according to the study by InfoJobs and Fotocasa.
