Decline in ownership

A house in Spain Credit: Denisbin, Flickr

Today, 36 per cent of Spanish residents co-own a home, while sole owners appear to be fewer and fewer each year. 

With the rise in housing prices, most residents are choosing to rent instead of buying property in Spain; unconventional for a country traditionally linked to ownership.

An X-ray of the housing market report by Fotocasa revealed that six out of 10 Spaniards live in a house they own.

“Compared to six years ago, the volume of homeowners has decreased significantly due to the difficulties of accessing the purchase of housing. It is at that time when renting becomes an obligation,” stated Maria Matos, Fotocasa spokesperson.

When considering the two options, one´s financial situation has to be examined. Agustin Escalera, the Director of Sunny Homes Marbella, advised buyers: “If you have the money to take out a mortgage – approximately 20% of the property value – I always recommend to buy.”

He added; “Monthly mortgage repayments are almost always going to be less than rent. Furthermore, in areas such as the Costa del Sol, where long-term rentals have lost ground to holiday rentals, prices are sky high, which extends to the rest of Spain.”

Renting can become a real challenge in the seasons of tourism, making Spanish residents lose their sense of home and comfort, which is essential to a stable life and one may almost feel like a tourism themselves.

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Written by

Anna Akopyan

Originally from Moscow, with Russian and Armenian origins, Anna has lived in Costa Blanca for over ten years. She is passionate about singing, acting and traveling.

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