The Squeeze on Homeownership in Spain

Across Spain, the escalating value of land and residential properties is creating meaningful hurdles for prospective homeowners. Securing a mortgage and purchasing a home is becoming increasingly challenging for families and individuals alike. While regions like the Balearic islands and Madrid have experienced notably sharp increases in property values, Galicia is also feeling the pressure.

according to recent data, Galicia has seen a 2.8% increase in property prices as of March 2024.This upward trend, while less dramatic than in other parts of Spain, is still impacting affordability for manny.

Vigo’s Rising real estate Market

Vigo,Galicia’s most populous city,exemplifies this trend. The cost of land for property acquisition in Vigo has surged to €2,254 per square metre,marking a substantial 6.9% increase compared to the same period last year. This price escalation is prompting many renters to seek out locations with more accessible real estate prices.

as [[2]] indicates, the average price of finished housing in Galicia reached €1,299/m² in the 4th quarter of 2024, representing a 3.52% annual increase. This translates to roughly €116,927 for a 90 m² apartment.

Moaña: An Affordable Choice Near vigo

For those seeking a more budget-pleasant option, the municipality of Moaña, located just across the Rande bridge, presents an attractive alternative. Despite being situated on the opposite side of the Vigo estuary, Moaña is only a 15-minute drive from Vigo’s city center. According to the National Institute of Statistics (INE) data from 2023, Moaña has a population of 19,315 residents.

The average price per square meter in Moaña is €1,278, substantially lower than in Vigo. This means that an 80-square-meter property in Moaña would cost approximately €102,240.

Exploring Options in Galicia’s Real Estate Landscape

While rising property prices pose a challenge, opportunities still exist for those looking to buy in Galicia. Exploring alternative locations like Moaña, and considering different property types, can help prospective buyers find a home that fits their budget. Websites like [[1]] and [[3]] offer listings of properties for sale in Galicia, providing a starting point for your search.