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The additional costs associated with buying and selling homes in Spain are driving the total expense up by as much as 15%, which significantly impacts the purchasing decisions of young families. A recent study indicates that 38% of these families have decided to postpone the acquisition of a new home due to what has been termed the economic “glass ceiling.”
Analyzing the situation in Madrid, moving to a similar home with one extra room entails a price increase exceeding 22%. This situation often arises from the need to accommodate family growth, which not only raises the property’s value but also introduces a series of additional costs that are frequently overlooked.
Antonio Pérez de la Torre, managing director of Alfa Inmobiliaria, points out that an average apartment in the Spanish capital measures about 55 square meters and has an average price of 275,000 euros. In contrast, when assessing an 80-square-meter home in established urban areas, the cost can rise to 335,000 euros. This change translates to a mortgage rate that can increase between 35% and 45%, posing a significant financial challenge for many families, already burdened with the costs associated with raising children.
Besides home prices, the expenses involved in buying and selling, such as the Property Transfer Tax, notary fees, registration, management fees, and moving costs, can see an increase of between 12% and 15%. Additionally, monthly expenses can rise by between 90 and 145 euros for services such as water, electricity, and heating.
This reality has led a significant number of families to postpone their home purchase, choose to remain in smaller spaces, delay the decision to expand their family, or explore rental alternatives. In this regard, Alfa Inmobiliaria emphasizes the need for public policies to promote access to affordable family housing and for the market to offer flexible solutions that adapt to the needs of growing families.
In conclusion, the process of moving to a home with an additional room is not just about seeking more space; it becomes a complex economic decision that requires meticulous planning.
Referrer: MiMub in Spanish
