Study shows vast difference between the regions

Cost of housing in Balearics amongst the dearest in Spain

Accommodation. High prices make it ever more difficult to buy a home in the Balearics

A typical family would have to pay out 57% of its income in order to buy a home in the Balearic Islands whilst in Extremadura the figure would be 37.9%

C.M.W..Maó

The cost of purchasing a home in the Balearic Islands is amongst the highest in Spain, and is only surpassed by the prices in Madrid, the País Vasco and Cataluña. In contrast, residents in regions such as Castilla-La Mancha, Extremadura, Murcia and Galicia have to part with a much lower percentage of their income in order to purchase their own place.

A study carried out by the "Caixa de Catalunya", based on data provided by the National Institute of Statistics, shows that there is a vast difference between the different autonomous communities. The study, carried out on a hypothetical basis, shows the financial burden placed on families in the different areas of the country purchasing an average dwelling which is totally financed through a mortgage.

On average, a typical Spanish family spent 55.3% of its income in 2003 to buy a home in the middle-of-the-range price bracket. The disparity between the regions is enormous, ranging from 70% of the annual income for a family in Madrid to 36.4% for a family wishing to buy in Castilla-La Mancha.

The dearest places are Madrid at 70%, País Vasco 68.1%, Cataluña 65.1% and Baleares 57%. At the other end of the scale are Extremadura 37.9%, Murcia 39.2%, Galicia 39.9%, La Rioja 41.1%, the Valencian community 42.3%, Aragón 48%, Navarra 48.1% and the Canaries 48.7%, the remaining regions falling between the two price scales.

The statistics show that a large number of families in Spain can only buy their own home if they have an above average income.