A NEW study has revealed how much a single person needs to earn in order to buy a property in Andalucia.
Research conducted by financial comparison site HelpMyCash has revealed startling figures that highlight the difficulties faced by single people trying to join the property ladder.
These issues are particularly prevalent in Andalucia where the average salary, according to the Instituto Nacional de Estadistica (INE), is just €1,450 a month, an alarming 16.5% less than the nationwide average.
Accounting for a deposit, mortgage expenses and a stable employment contract, a single person earning the average Andalucian salary would be able to purchase a home worth up to €121,090.
However, the average house price in Andalucia is €169,928, 40% above the affordable limit for the standard singleton.
Even houses with an area of just 80m2 extend 9.2% beyond this limit, with an average value of €132,240.
The study has also revealed the remarkable discrepancies in average salary and property price between Andalucia’s different provinces.
Sevilla and Malaga are home to the highest average salaries, €17,068 and €16,979 per year respectively.
This contrasts with Huelva and Jaen which have average annual salaries of just €13,896 and €13,558 each.
There is an even wider disparity in property prices – property in Malaga is worth €3,069 per m2, whereas in Jaen it is only €830 per m2.
Nevertheless, the study concludes that there is no province in Andalucia where the average salary is sufficient for a single person to purchase a property with an area of 80m2 or 100m2.
This situation is forcing single people to adopt different methods in order to source accommodation, whether more aggressive saving strategies, rental accommodation at high prices, or house-sharing.
As such, for many the dream of purchasing their own home will never become a reality.
| PROVINCE | AVERAGE ANNUAL SALARY (€) | AVERAGE PROPERTY PRICE, 80m2 (€) | SALARY REQUIRED TO BUY PROPERTY, 80m2 (€) | AVERAGE PROPERTY PRICE, 100m2 (€) | SALARY REQUIRED TO BUY PROPERTY, 100m2 (€) |
| Almería | €14,512 | €95,680 | €15,948 | €119,600 | €19,935 |
| Cádiz | €15,720 | €144,160 | €24,027 | €180,200 | €30,034 |
| Córdoba | €14,736 | €99,360 | €16,560 | €124,200 | €20,700 |
| Granada | €14,688 | €111,760 | €18,627 | €139,700 | €23,284 |
| Huelva | €13,896 | €111,520 | €18,587 | €139,400 | €23,234 |
| Jaén | €13,558 | €66,400 | €11,067 | €83,000 | €13,834 |
| Málaga | €16,979 | €246,320 | €41,053 | €307,900 | €51,317 |
| Sevilla | €17,068 | €124,560 | €20,760 | €155,700 | €25,950 |
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