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Over half of 16 - 34 year olds in Spain live with parents

Sat 10th Mar 2012
Over half of 16 - 34 year olds in Spain live with parents

A recent study by CatalunyaCaixa has revealled how there are currently an estimated 818'000 unsold new properties throughout the whole of Spain, representing 3.2% of all unsold properties.

The increase in numbers between Q3 of 2010 and Q3 of 2011 alone stood at 13'000 properties.

The lender suggested that the glut of unsold properties is down to the number of young people being forced to live with their parents for financial reasons, but that by 2015 demand for properties by young people will increase by 500'000 residences.

The study also attributed the increase in empty properties to a decline in the population and recommends the introduction of schemes to help young people buy or rent their first homes.

An estimated 53% of those aged between 16 and 34 are currently living with their parents - 2.9 Million of the 5.7 Million in this age group - and calculated that the average salaries of this demographic. The report held that if 30% of all income was spent on renting a property, as many as 561'000 new tenants could enter the rental market before 2015.

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