Access to housing is consolidating as one of the biggest concerns of the population, while rents are increasing at a frantic pace.
Thus, more and more citizens are deciding to acquire a home in property, but according to a recent study by the real estate portal pisos.com, more than 14 years of savings are needed in the Canary Islands to be able to face the entrance of a home.
Last month, the average price per square meter in Spain was 2,469 euros, which means that a standard 90-meter home has risen to 222,166 euros.
Considering that the average Spanish salary is 2,301.85 euros gross per month, according to the Salary Structure Survey (EES) published by the National Institute of Statistics (INE), if a person saves 20% of their salary monthly (460.37 euros), it takes more than a decade to collect the amount necessary for the entrance of an apartment.
This situation, however, varies significantly depending on the price of housing in each region. The autonomous community that most attributes this situation is the Balearic Islands, where the average price of a 90-meter property reaches 451,190 euros per square meter, which implies that a person with the average gross salary of said community would need 25 years to be able to pay the entrance of an apartment. It is followed by Madrid (18 years), the Canary Islands (14 years), the Basque Country (14 years) and Catalonia (13 years).
Other communities, on the other hand, present somewhat more favorable conditions for access to housing. This is the case of Extremadura and Castilla-La Mancha where the price of a property is 81,697 euros and 88,271 euros, respectively, which means savings over 5 years. They are followed by Castilla y León (7 years), La Rioja and Aragón (8 years).
