123,066 euros. That is the budget that a resident of Vila needs to be able to afford to buy a second-hand, 80m2 apartment in the municipality, according to the study ‘Presupuesto para la compra de una vivienda en España 2021’ (Budget for the purchase of a property in Spain 2021), by the real estate portal Fotocasa. This is 38.3% more than five years ago, when Ibizans spent 88,986 euros of their savings on buying a property.
With these figures, the municipality of Vila where it is the most difficult to access the purchase of a home on the Balearic Islands. Behind is Santa Eulària, where its neighbors need 112,207 euros compared to 74,140 euros in 2016, 51% more. The top five municipalities of the archipelago where more savings are needed to start buying a home is closed by Sant Antoni, where 90,273 euros are currently needed. In 2016 it was possible to access with 59,372 euros, 52% less.
The increase has been evident throughout the country. “The effort that citizens have to make to afford to purchase a property has increased by 16% since five years ago, exactly the same cumulative value that has increased the price of housing in that period according to our Real Estate Index. This indicates that the buyer has faced the price increase without having to lower their expectations”, explains María Matos, Director of Studies and spokesperson for Fotocasa. Only two autonomous communities have seen this budget minimally reduced. In Asturias it fell by 1% and in the Region of Murcia by 0.005%. In concrete figures, Asturians need 37,559 euros saved to buy a second-hand home and Murcians need 27,475 euros.
In the Balearic Islands the increase is 29 points higher than the national average. In 2016, Balearic Islanders had to contribute an average of 47,899 euros to buy a second-hand apartment of 80 square metres. In 2021 they needed 69,356 euros, 45% more. Only four municipalities in the Balearic Islands (Manacor, Inca, Sa Pobla and Ciutadella de Menorca) have an average budget below 50,000 euros.
For the full article, please visit Diario de Ibiza website here.