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Since 1999, housing prices in Spain rose by around 180% in a decade (1996-2006), well above wages, which led to a situation where citizens spend much of their salary in buying a home.
The price rise was caused by the housing bubble, which is caused by factors such as the shortage of rental housing (85% of total dwellings intended for property, while this rate is 61% in the rest of Europe and the existence of a park of three million empty houses, which corresponds to 20% of the total.
Despite this, Spain is one of the European countries with the lowest rate of renting, which is attributable to a tax policy that favors property ownership.
From 2008-2012 economic crisis increased unemployment has soared to over 20%, which has caused the inability of many families to take over the payment of the mortgage on the property. Since 2007, 350,000 families were left homeless, foreclosed for non-payment of the mortgage has caused. Following the auction house, the houses are again priced below their initial price ratio, taking homeowners to meet the payment of the difference without having the enjoyment of the property.
