Apartments in Mallorca

There was a slight increase in the price of homes in 2020.

12-05-2021Europa Press

A study by the Fotocasa property and Infojobs websites has found that, on average, it would take 9.1 years of gross salary for someone in the Balearics to pay the mortgage for a home that was bought in 2020.

This was slightly less than the study for 2019, when 9.5 years was the calculation., although the price of homes increased by 0.3% in 2020. In December, the average price per square metre was 2,039 euros.

Infojobs has worked out that the average gross salary in the Balearics in 2020 was 24,463 euros - 2,039 euros gross for 12 payments. Based on this, it would take 109 months to pay the mortgage for a property of 80 square metres.

The Fotocasa director of studies, María Matos, says that "it is always good news" when the effort needed to buy a home decreases, as "this means that access to the market is getting easier". However, the figures indicate that "we are still far from adequate levels; we have a long way to go", even if the 2020 decrease may have been an indicator "that we are moving towards a balance between salaries and the cost of housing".

Mónica Pérez, communications director for Infojobs, points out that a 4.9% increase in average gross salary in 2020 as well as the 5.5% rise in the minimum wage have contributed to counteracting the 1.6% increase in the price of secondhand homes. "However, the current crisis situation doesn't allow us to estimate how salaries will be for the remainder of the year, taking into account the fact that the main priority is the recovery of the economy."

The 9.1 years for the Balearics is the highest in the country, just ahead of Madrid (9.0 years) and the Basque Country (8.9 years). At the other end of the scale, the three regions with the shortest periods are Extremadura and Murcia (both 4.0 years) and Castile-La Mancha (3.9 years). These calculations are based on properties of 80 square metres.

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