It takes 16 years of work to buy a home in the Balearic Islands

The citizens of the Balearic Islands who want to buy a home in the archipelago for 280,000 euros are forced to make an economic effort by allocating their full salary of 16.7 years to be able to pay for it, according to a study by the Association of Consumers and Users of the Balearic Islands ( Consubal).

The organization has indicated in a statement that most of the homes on the islands that are around 280,000 euros or less are located in “depressed neighborhoods” and the vast majority of them “are on high floors without elevators or need renovations.” In addition, the president of Consubal, Alfonso Rodríguez, has indicated that the monthly payment for a mortgage would be around 893 euros, which is 64 percent of the average salary.

In relation to this, Rodríguez has warned that, given the rising cost of housing in the Balearic Islands, a young person who wants to benefit from the Government’s proposal for tax incentives for those who purchase their first home should have savings of 56,000 euros for the down payment and 42,000 euros for processing costs.

According to the president of Consubal, the Government’s proposal for tax incentives for young people who purchase a home to use as their habitual residence “will not have any effect and its application will be scarce, given the impossibility of finding suitable housing at an equal or lower price. to 270,000 euros, aggravated by the need to have sufficient savings for the entry and expenses, which among young people is very difficult.

On the other hand, he has assured that “in Ibiza, the situation is much more dramatic, since, after an extensive search for homes below 280,000 euros, there are not a dozen on the entire island.”

In this regard, they have ensured that Consubal requested an urgent meeting of the Housing Board, “unanswered until now.”

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