House Prices in Spain just keep on rising.
Even though the housing market has boomed in Spain, the majority of new houses are built near the coastal areas as second homes for the English, German, French and other European holiday makers. This high demand of second holiday homes have driven house prices up by nearly 100% over the past 5 years.
The Spanish news reported that over 35% of young Spanish adults between the ages of 20 to 35 still live at home with their parents. The majority of that 35% will keep living at home for the rest of their lives due to the high cost of houses and low income.
The lack of urban land (land on which you can legally build a house) is another major contributor to the high prices of homes in Spain. The process of urbanizing land is long and expensive, so for many years now, the Spanish are forced to buy rural land and build illegally in order to have a home. The proof of this is seen throughout Spain on the out skirts of most villages and cities. This illegal building of houses still happens today.
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