Buying an apartment in Palma requires savings of around 150,000 euros, the highest figure in the country.
A study by Idealista places the Balearic capital at the top of Spanish cities in terms of the amount of savings needed to access a mortgage.
PalmBuying a home in Palma requires the highest initial investment in the entire country. According to a study by the real estate portal Idealista, a family needs approximately €147,116 in savings to finance an apartment in the Balearic capital. This figure places Palma at the top of Spanish capital cities in terms of the initial savings required to buy a home, ahead of cities like San Sebastián (€137,700), Madrid (€117,793), and Barcelona (€103,172).
The report indicates that the main obstacle to homeownership is not so much the monthly mortgage payment as the amount of savings needed to secure a mortgage. On average in Spain, a family needs €64,568 in savings to be able to buy a home.
However, monthly mortgage payments remain lower than rent in most cities. According to the study, buying a two-bedroom apartment involves an average monthly mortgage payment of €698, while renting a similar property averages €1,088, that is, 36% more expensive.
Despite this difference, in Palma the advantage of buying over renting is almost nonexistent. The monthly mortgage payment is only 1% cheaper than rent, one of the lowest differences in the country, comparable only to cases like Malaga.
The study also highlights that the cities with the highest prices are precisely those that require the largest down payments, which limits access to homeownership for a growing number of families.
At the opposite end of the spectrum are cities like Zamora, where buying requires around €32,996 in savings; Jaén (€34,596); Lleida (€35,581); Palencia (€35,931); and Badajoz (€37,862), all significantly lower than the figures recorded in Palma.