Young people across Catalonia are managing to buy homes before the age of 35, often with substantial financial backing from their families, according to a report by El Periódico. High property prices, the difficulty of saving for a deposit, strict bank lending criteria, and rising rents make home ownership a significant challenge for many.
The stories of these young homeowners reveal months or years of searching, compromises on location or property type, long mortgages, and meticulous financial planning. A recurring theme is the critical role of family support, whether through guarantees, loans, long-term savings, or direct contributions towards deposits.
Navigating the Property Market
One young buyer, who purchased a flat in Valencia three years ago for €120,000, described a frustrating process. Despite saving around €300 a month while sharing accommodation, this was not enough for a deposit. Their parents had saved scholarship money and sold a plot of land, providing funds for the deposit and more. The buyer secured a 30-year mortgage and now rents out a room to a friend for about €250, covering part of the mortgage payment.
Another individual, who bought a home in Horta-Guinardó, Barcelona, now lives there with their partner. They saved every possible euro since age 16, but still needed a family guarantee to secure a mortgage. After visiting seven banks, they chose a mixed mortgage with an Euribor cap for stability. Initially, they aimed to buy in Sant Andreu, but high prices forced a change of location. They advise other young people to save diligently and, if possible, avoid renting due to unaffordable conditions.
Family Support and Financial Hurdles
A couple from Ecuador, living in Cerdanyola del Vallès, bought their apartment three years ago. They had worked in Spain for over a decade, one in a bakery and the other as a boilermaker. Their savings, accumulated over five years, were supplemented by the wife's mother, without whose help they could not have afforded the deposit. They obtained a variable mortgage with a 5% discount for being under 33, but are concerned about the Euribor and plan to switch to a fixed rate. While Sant Cugat was their first choice, it was beyond their budget. They value the privacy and ability to renovate their own home.
One individual, who bought a new-build property in Viladecans at the end of 2021, paid the deposit in instalments until moving in at the end of 2024. They wanted to live near Baix Llobregat, where they had always resided, ruling out Barcelona due to prices. Despite not needing direct financial aid, securing a fixed 30-year mortgage was difficult, as buying alone and not being a public sector employee raised bank concerns. They acknowledge the commute to work and occasional loneliness but value the independence of their own space.
Regional Differences and Future Outlook
One young person, who considered buying alone in Valencia, found it unfeasible due to a low salary and limited savings. They and their partner moved to Hellín, Albacete, where they found a 300-square-metre house that, including renovations, will cost around €110,000. This was only possible with financial help from their father, who gave money to them and their sibling. This covered two-thirds of the cost, leaving a €36,000 mortgage over 15 years.
These personal accounts highlight that while home ownership is achievable for some young people in Catalonia, it frequently requires significant family assistance and strategic financial planning. The current market often favours those with family wealth, successful businesses, or stable public sector jobs. Young buyers are encouraged to explore regional government aid programmes and consider areas outside major city centres to find more affordable options.
