12:47 PM · Comments Off on Spain – Cheapest Property in the EU · Categories: News from Marbella Costa del Sol · Tags: , ,

BUYING real estate in España is cheaper than elsewhere throughout the EU.

As shown by the annual analysis on Spain’s realestate market conducted by Deloitte, the proportion of finance spent by households on mortgage payments – rate of effort – has been consitently falling in recent years and it currently stands at thirty 3 per cent, as a consequence of the decline in house values registered since the beginning of the recession.

Moreover, the standard home cost in Espana is 4.4 times the individual gross wage, compared to most various countries throughout the European Economic Community where the cost is on the average 6.1 times the individual gross wage and UK and France, whereby the quantity is 8.5 and 7.9 times the individual average earnings.

For the fourth year and compared to most of the country, property house owners in Barcelona and Guipuzcoa have had to pay an even bigger proportion of their earnings on mortgage payments, given the high cost of housing in those provinces.

On the opposite end, obtaining properties in La Rioja, Lleida and Pontevedra is easily obtainable, since the rate of effort is lower than thirty per cent.