According to the latest figures from the Bank of Spain, average Spanish households spent 38.6% of their gross income to finance the purchase of a home during the second quarter of 2009, more than 11% less than the same period the previous year (50%).
With this reduction, the Spanish families are returning to the levels recorded in 2005, when they spent 36.4%, and increased in 2006 to 46.1% and 50.3% in 2007. The average price of housing stood at 1920.9 Euros per square meter in the second quarter of 2009, representing a decrease of 8.3% over the same period last year, according to the Ministry of Housing. The average mortgage amount on residential property fell by 14% in May this year compared to the same month in 2008 to around 121,120 Euros, according to data from the National Statistics Institute (INE).
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