He housing prices It is a problem that greatly worries Spanish citizens. Cities such as Madrid, Barcelona, San Sebastián, Málaga and Palma de Mallorca top the ranking of the most expensive areas in Spain, with maximum housing prices that exceed 7,000 euros per square meter. An issue that especially affects the younger generations who find it impossible to face the skyrocketing price of rents, much less that of housing. buying a housedespite the fact that more and more people are showing interest in becoming owners.
The report of X-ray of the housing market in the first half of 2024, produced by Photohouse, reflects the reality of the Spanish real estate market. This document shows a clear conclusion: More and more young people are interested in buying a home, above those looking for rent; but the high prices frustrate their desires. In data, 48% of citizens are interested in buying a home compared to 40% of those who want to rent; but the actual purchase figures show that it is more the intention than the action itself, given that the acquisition data has been reduced compared to the previous record (from 5% last August to 3%).
Although the transaction has not been made official, this information shows a change in the market: “A sign that the transformation of the market is betting on home ownership instead of renting, which, due to high prices, in the “Most of the time it is chosen out of obligation.” Another fact that is relevant and shows the situation in the real estate market is that the percentage of sole proprietors has been reduced, while co-ownership increases. The truth is that more shared properties have always been registered, but now this distance has increased. In the year 2023, of the 60% of the owners, 29% were sole owners compared to 34% who were co-owners. However, in 2024, of the 61% of owners, 28% are sole owners versus 36% who are co-owners.
This report also details the numbers of owners by age range, with those older than 55 yearsthose who represent the bulk of citizens who own a home, given that the 80% of people in this age group has a property or co-ownership. Behind them are adults between 45 and 54, where 74% have a home. In the case of citizens between 35 and 44, 58% are owners.
The most notable jump occurs in the last two age ranges, which encompasses the population, older and younger. Of young people between 25 and 34 years old, 33% own a home, while citizens who are between 18 and 24 yearsonly him 10% has been able to buy a home.
Among the reasons to postpone the purchase of a home, the lack of savings and one’s own economic or employment situation They continue to be the main barriers to purchasing a home in the short or medium term. And not only that, but both factors gain weight compared to February 2023. In figures, the lack of savings grows as a brake on the desires of potential buyers, going from 31% to 36%, while the economic and labor situation /own increases from 29% to 32%. Although these are not the only obstacles to becoming owners.
High prices and the belief that these do not fit the budget of aspiring homeowners are the third and fourth factors in delaying the transaction. Behind them are those who have other priorities or expenses, or current mortgage conditions that make it impossible to pay a mortgage.
Although many citizens want to enter the real estate market as owners, they face a great barrier: obtaining a mortgage. The high mortgage rates and the conditions to obtain this financing truncate young people’s hopes of buying a home. However, Maria Matos, Director of Studies and spokesperson for Fotocasa, assures: “At the moment it is more affordable to pay a mortgage payment than a rental income, which is why purchase demand is now leading the market.” It is time, but the means to carry it out are lacking.
