Spain - Rent prices rise 30 times faster than wages - September 30, 2019

Salaries in Spain have only increased by 1.6%since 2013, whereas rent prices have shot up by 50%. Recent reports by the Bank of Spain and the country’s National Statistics Agency (INE) have shed light on the increasing cost of living in the country, in particular Spain’s wild rent hikes. Whereas Spaniards earn only 1.6% more in wages than they did five years ago (€23,646 a year on average in 2018) they’re paying twice as much in rent than they did in 2013. The Bank of Spain has highlighted that it also tends to be families with fewer financial means who have to resort to renting in Spain. Unemployment and low wages are among the leading causes preventing them from being able to take out a mortgage when buying a property.

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