Young Spaniards are often in no hurry to buy housing. The reason for this, as it may seem, is not infantilism, but financial insolvency. Buying an apartment is an economically difficult task for most young Spaniards.
Since the question of the average age of Spaniards buying a house for the first time reflects the problems of the country's young population, in this article the editors of Uppers analyzed the market situation and tried to answer the question reliably.
According to a report by the Colliers consulting company for June 2021, on average, Spaniards buy their first home at 41. What is the reason for this?
Low salary, unstable labor market, and high prices
The long delay in purchasing first homes is relevant not only for Spain but also for some other European countries, but its solution is impossible in the current economic situation.
The problem of buying homes by young people is becoming more acute every year in all countries. The main reason for this is that the salaries of young professionals are too low. Students who have graduated from university cannot find a well-paid job due to a lack of work experience or excessive demands from the employer. In addition, hiring does not provide long-term stability. These circumstances with high prices for housing, which are constantly becoming more expensive, increase the age of financial independence.
The average age of home purchase in Europe
According to the Colliers report, the average European indicator is less negative, as the age of first purchase is 34 years. However, Spain is not one of the worst because in the Czech Republic, people become homeowners for the first time at 42, and, in Switzerland, citizens buy apartments only at 48.
The opposite side is countries where the average age of purchases is 27 years. These include Iceland and Belgium. In France – 31 years, in Italy – 33 years, and the UK and Germany, although these are the largest investor markets, they become homeowners only at 34.
Financial difficulties in purchasing housing and high prices per square meter make owning a house impossible. Collier's research shows that this has contributed to the growth of the private house rental market. At the same time, many houses to be rented out are not housing units of "social rent". The research also says that the policy of European governments focuses on supporting homeownership without providing housing for rent, which stimulated price growth. Thus, they have created a larger real estate affordability gap.