Buyers budgets are falling short of prices
The average Spanish property buyer has a budget of 166,000 euros, a figure that falls short of the average house price in Spain, which is currently 241,145 euros.
This means there is a 69% gap making it hard for Spaniards to get on the property ladder.
The average Spanish buyer is looking for a property in the periphery of cities and for a second-hand apartment that does not require reform.
The study, by Century 21, also shows the average Spanish buyer is looking for a property with an area between 76 and 120m². They are looking for a property with three bedrooms and two bathrooms. As for prices, on average Spaniards are looking to spend 166,000 euros to buy a property.
Rentals
In the case of rentals, the average Spaniard is looking to spend around 559 euros per month. When comparing the average rental prices among those who have rented, or plan to do so, there is an upward gap of 41 euros, with the average rental price standing at 600.82 euros. For 44% of those who currently rent, the monthly cost represents more than 30% of their family income.
In this context, the supply of rental housing of up to 500 euros per month (41%) is 11 points below demand (52%). For homes with a monthly rental cost between 501 and 600 euros, there is a surplus of two points (20% vs. 18%). From this amount up, the price versus demand ratio is very tight, until we reach homes of more than 1,200 euros per month, where stock is more than 5 points higher than demand.
Size
As for characteristics of the homes, there is a small deficit between the demand for apartments from 51 to 75m², with 23% of stock matching the requirements of 22% of tenants. A similar situation is seen for properties from 76 to 90m², where the demand is 28%, and supply amounts to 26%. We see the most notable gap in homes from 91 to 120m², which 26% of buyers are looking for, while properties of this size make up only 18% of the supply.
Distribution
With regard to distribution of houses, it is noted that supply and demand are not in line. Thus, demand for three-bedroom houses (49%) exceeds the supply by more than 13 points (36%). The supply of homes with more than three bedrooms (31%) is much higher than demand, which only reaches 19%. In the case of bathrooms, the demand for homes with two bathrooms (53%) exceeds the supply by more than 8 percentage points (45%).
