The Spaniards have been accessing property less and less in recent years. A decline of more than 4% in the space of 5 years according to statistics and it is young people who buy less because of an unstable financial situation.
Known for being a country of owners and not of tenants, Spain is gradually changing and is seeing the number of tenants increase and the number of owners fall, testifying to a change in the way of life among Spaniards, especially young people.
According to the most recent data from the European Statistical Office (Eurostat), the percentage of homeowners in Spain has fallen from 79.8% in 2010 to 75.1% of the population in 2020, or 4.7 percentage points of less.
In terms of rentals, the opposite happened with an increase of 4%, going from 20.2% to 24.9% over the same period.
However, Spain remains far from the European Union average, driven by Germany, where tenants far outnumber owners. The EU average is around 30%, 49% in Germany, and 46% in France.
This trend can be explained by several reasons, in particular a change in mentality among Europeans who are no longer in the race for property, but above all the difficulty for young people to become homeowners.
On the one hand, there are reasons of flexibility and the speed offered by the rent are part of an increasing geographical mobility and life projects which can be part of a logic of opportunities and job offers world.
On the other hand, the Spaniards are suffering from the increase in rents but also from the increase in the prices of housing on purchase, while their incomes remain limited or even precarious for certain age groups, but also a precariousness of unstable job that does not allow young people to project themselves into a purchase project.
Experts point to the inability of young people to access housing and buy due to the difficulty of generating enough savings, and the figures show it, the percentage of young owners has fallen from 35% in 2019 to 27 % in 2021, according to data processed by Fotocasa Research.
There are several structural problems which, according to the Evaluation Society (ST), quoted by La Razon, and explain the difficulties of young people to make the savings that will allow them to access property. First of all, the evaluator points to the high unemployment of young people, around 37%, according to the INE,
Added to this is “the persistence of unsatisfactory salary conditions which would make it difficult to build up the savings necessary to access a first home”, according to ST, this is explained by low salaries for certain age groups. More than a third of those aged between 25 and 34 have an income below 1,300 euros gross per month, and only 20% above 2,300 euros, in addition to an interim rate of 48% among those under 30.