The monthly mortgage payments on the Spanish market are currently considered more affordable than the cost of renting a home, according to new statistics published by HelpMyCash.com. Rent for a 100 sqm apartment is around €1,128 in Madrid, while a property of this size would sell for €253,360 on average, resulting in a monthly mortgage payment of €758.33, the data shows.
In Barcelona, rent for a 100 sqm house averages €1,299 a month, while the average price to buy a 100 sqm house averages €259,450, bringing the monthly mortgage payment to €776.56. However, to purchase a home, a buyer needs to meet a number of criteria. For instance, buyers must front at least 35 percent of the cost of the house and must prove they have long-term employment with a monthly income of at least €2,000, according to HelpMyCash.com.
