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Housing - 15/02/2010
Buying an apartment costs the average salary for seven years
Interest rates at 1% since March, the Euribor at historic lows and the price drop before the bursting of the housing bubble has reduced by almost one year the average salary to be allocated for Spanish families to buy an apartment before the crisis until it fell nearly seven years at the end of 2009, according to latest figures from the Bank of Spain. Households spent 35.9% of gross income available to finance your home in 2009, 15% less than in the fourth quarter of 2008 (51.7%).
Before spreading distrust in financial markets, an average household (93.75 square feet) cost the average salary of nearly eight years, falling to 7.5 years in 2008.
Discounting the deductions from that benefit families for homeownership through the personal income tax (15% generally up to 9,015 euros per year), households spent 35.9% of gross income available to finance the your property purchase in 2009, lower than the fourth quarter of 2008 (51.7%).
In annual terms, households spent 29% of gross income available to finance housing purchases in the fourth quarter of 2009, more than 12 percentage points less than the same period last year (41.6%). The figure achieved at levels below those of 2005 when the gross income of the families who dedicated himself to this end stood at 36.4%.
The amount that families used to buy housing continued to rise throughout 2008, while he did the Euribor, the reference rate for most mortgages in Spain, which had reached its peak in the month of July (5.393%).
However, the percentage of income for house purchases fell in the last quarter of 2008, having been located at the maximum of 52.8% between July and September, in line with recent declines in interest rates and the progressive reduction of the Euribor, which closed 2008 at 3.452%.
In addition, the average house price stood at 1892.3 free euros per square meter at the end of 2009, down 6.3% yoy, according to figures released last week by the Ministry of Housing.
Following the keynote, the average amount of mortgages on homes fell by 15.8% in October compared to the same month of 2008, reaching 113,882 euros, according to the National Statistics Institute (INE).
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