The percentage of property owners in Spain has slightly decreased in the past 5 years, from 80% to 77%. However, while this home ownership rate is still high compared to countries such as France (64%) or Germany (51%), it is significantly lower than in countries such as Romania (97%) or the Baltic countries (all above 80%).
Spain ejected from the top 10
While it was previously in the top 10 in Europe, Spain is ejected to position 13 according to ElPais. Why? According to ElEconomista.es, this is partly due to the difficulty faced by young people to buy properties. Indeed, Spanish banks made it harder to buy (higher deposit required) post crisis.
50% of renters would like to buy
What’s more, 50% of renters would actually like to buy according to ! Indeed, Fotocasa (one of the leading Spanish property portals) made a study and proved that half of renters are not buying by pure financial incapacity. Whenever banks will make the access to mortgage easier, property prices should go up. Indeed, mathematically, more people will be able to buy properties.