Madrid (EFE) of 21%.
This is clear from a study published by the Idealista real estate portal, which affects how the rise in housing prices requires a greater amount of savings from the future owner.
With a 30-year mortgage at the average rate registered in May 2019 (2.15%), the first-year installments stood at 352 euros for a 2-bedroom home in Spain, while in May 2023 (with a April interest rate according to the Bank of Spain of 3.61%) the amount reaches 513 euros, 46% more.
Banks do not finance more than 80% of the value of the apartment
Idealista underlines that the expenses associated with the purchase of a home with financing (excluding those that are covered by the financial institution) have increased sharply in recent years.
The increase in the price of housing and the refusal of banks to finance more than 80% of the appraised value, together with other associated expenses such as taxes and those inherent to the operation, are some of the factors behind this higher Need to save to buy a flat.
Cuenca and Santa Cruz de Tenerife are the capitals in which the savings that buyers have to contribute have grown the most, with 42% and 41%, respectively.
They are followed by the growth of Palma (39%), Valencia (34%), Alicante (33%), Pontevedra (32%) and San Sebastián (28%). In Madrid the increase was 7%, while in Barcelona it stood at 1%.
Substantial differences between cities
According to the price of their homes, Palma is the capital in which the savings needed to finance a 2-bedroom home are higher: 106,079 euros. They are followed by Barcelona (97,230 euros), San Sebastián (91,948 euros), Madrid (72,340 euros) and Girona (60,619 euros).
Regarding the first-year mortgage payments, in a context marked by increases in interest rates to curb inflation and the consequent increase in the cost of financing, the greatest difference is registered in Cuenca, where the monthly payment has risen by 71% up to 413 euros.
They are followed by the rises of Santa Cruz de Tenerife (69%); Palm (67%); Saragossa (62%); Valencia (61%) and Alicante (60%).