Solvia: Spain Is Still A Country Of Homeowners
3 May 2017 – Solvia Magazine
Despite the growing demand for rental housing, Spain’s National Institute of Statistics reports that the majority of Spanish households live in properties that they own.
The latest data relating to the type of households in Spain, published by Spain’s National Institute of Statistics (INE), are revealing: despite the growing increase in demand for rental housing, above all in the large cities such as Madrid and Barcelona, the majority of Spain’s households, specifically 77.5%, live in properties that they own (based on data for 2016). And of that proportion, 48.7% did so in homes without any mortgage payments pending.
The study also highlights that the house ownership trend varies by nationality. Whilst 59.4% of households with at least one foreign member live in rental properties, only 11.8% of families comprising all Spaniards opted for that arrangement in 2016.
On the other hand, the average size of the 18,406,100 households censored in Spain in 2016 amounted to 2.50 people and the most frequently occurring household type was that occupied by a couple with children, which accounted for 33.8% of the total.
Nevertheless, the study warns that increasingly more people are living by themselves in Spain. In 2016, that figure amounted to 4,638,300 people, which represents 25.2% of the total number households. The reasons for this trend are the gradual ageing of the population, which leads to many older people living alone in their homes. The trend is also boosted by homes inhabited by so-called “singles”.
Original story: Solvia Magazine
Translation: Carmel Drake