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Malaguenos spend more than before
• 31 May 2007 •
MALAGA RESIDENTS currently spend on average 12.5 years worth of their gross wage paying off their mortgages - a much higher figure than the 5.6 years needed in 2000. Malaga is the sixth province with the highest price per square metre (2,230 euros), followed by Madrid (2,995).
These figures were presented by the Madeca Association (part of the County Council), in a study that displayed the extreme expense of property prices in Malaga.
According to the President of the Association, Encarnación Paez, Malaga residents have to spend 56.3 per cent of their monthly income on their properties, a percentage that elevated to 77 per cent in the case of young people and 68 per cent for women.
The study shows that the Malaga real estate market has gone through an extraordinary expanding phase, with huge annual increases in construction mainly as a result of foreigners investing in second homes in Spain.
Despite this, according to Paez this dynamism is not reflected in the building of subsidised housing.
Only three per cent of apartments now being built are subsidised, indicated a drastic decrease compared to the 23 per cent in 1991.
Paez as well as the President of Emprovima (Provincial Property Company), Jose Luis Gonzalez has been critical of Malaga province town halls stating that “town halls in other provinces have proven to be more active in planification and construction of subsidised housing”.
These houses have become the only alternative for many people with lower incomes and means of support as they are 887 euros per square metre and up to 40 per cent cheaper. |  Return to Top
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