Alex Trelinski
MALAGA province sucks up the highest percentage of household income in Spain for rental properties.
A joint survey from real estate portal Fotocasa and employment platform Infojobs showed getting a Malaga area rental home required 47% of income earned by a family, couple, or individual.
Second on the list area the Balearic Islands (42%); Barcelona (37%); Las Palmas (32%); Alicante (32%), Santa Cruz de Tenerife (31%); Madrid (31%);with Valencia, Sevilla and Navarra all on 30%.
Teruel, with 16%, is the province with the lowest rate, followed by Palencia; Lugo; Ciudad Real and Leon (all on 18% ).
In March, Malaga became the first city in Andalucia to break records in the price of housing both in the sales and rental markets.
According to Fotocasa figures, prices have risen to make the cost of housing and rented property go up 5% and 57% respectively compared to the real estate bubble year of 2007.
With these increases, Malaga City became the second highest regional capital to exceed historic records, with the sale price at €2,932 per m2 and the rental price at €13.22 per m2.
READ MORE:
- Four Costa del Sol towns among Spain’s Top 50 most expensive to buy property
- RENOVATION ERA: How the EU’s incoming energy efficiency directive will affect your property sale or rental by 2030
- New build property prices in Spain show biggest rise since 2007
