By Damon Mitchell • 05 March 2020 • 13:58
YOUNG people are the most likely section of the population in Spain to find it a struggle to pay for property, handicapped by relatively low incomes and by rising prices.
Property portal pisos.com says that under-25s are having to allocate eight per cent more to their housing this year than last. To pay an average monthly mortgage of €563 per month property owners in this age group would have to use 61 per cent of their salary and 93 per cent to pay an average monthly rental of €859 a month. The Bank of Spain meanwhile recommends dedicating no more than 35 per cent of monthly income to housing.
Young women struggle most, according to pisos.com, and in some cases don’t even earn enough to pay the rent, or more than 70 per cent of their monthly wages goes on mortgage repayments. The situation is less drastic for women aged between 25 and 34, with monthly rental payments accounting for 63 per cent of their income and mortgage repayments 41 per cent, while for men in the same age group the average is 53 per cent on mortgages and 35 per cent on rentals.
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As frontman of a rock band Damon used to court the British press, now he lives the quiet life in Spain and seeks to get to the heart of the community, scoring exclusive interviews with ex-pats about their successes and struggles during their new life in the sun.
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