Young spaniards struggle to fly the nest

Photo: Gacabo

Spain's economy is out of recession, with overseas sales of property soaring, but for young Spanish adults wanting to fly the nest, conditions are still bleak.

A new report from the Independence Observatory, presented by the Spanish Youth Advisory Board, shows that 80 per cent of Spaniards aged under 30 still live with their parents, because they cannot afford their own home.

Indeed, Spaniards currently require 61.2 per cent of their salary to buy a property, almost double the 30 to 35 per cent recommended by national and international official bodies.

"Furthermore," notes Spanish Property Insight, "this percentage is the benchmark set by banks to approve mortgages to buy a property in Spain."

As a result, many young Spaniards are leaving the country to find better financial conditions overseas. According to the Spanish Youth Advisory Boatd, 22.1 per cent of those under 30 who have moved abroad cite the "the delicate youth job situation and the tough property market conditions, beyond the reach of most young people’s pockets".