The dream of buying a property in the province of Barcelona often comes up against the financing barrier. Although most of the price of the property is covered by a mortgage loan, banks generally require the buyer to contribute a significant amount of equity.
This amount is usually around 30% of the value of the property. This percentage is usually broken down into the 20% that the bank does not finance (the so-called “down payment”) and an additional 10% to cover the costs of the transaction and taxes, such as the Property Transfer Tax (ITP) for second-hand properties or the VAT in the case of new construction.
Sitges surpasses the capital
But how much does this 30% represent in euros? An analysis based on average housing prices in the main municipalities of the province of Barcelona reveals a remarkable disparity.
Contrary to the popular belief that the capital is inaccessible, Sitges is the municipality that requires the greatest savings effort, although Barcelona is close behind. Both municipalities require a cushion that exceeds 100,000 euros, according to calculations extracted from advertisements on real estate portals.
This is the estimated initial outlay (down payment plus expenses) required in different cities in the province:
- Sitges: 106.000 €.
- Barcelona: 102.000 €.
- Hospitalet de Llobregat: 50.000 €.
- Granollers: 44.000 €.
- Mataró: 41.850 € 41.850
- Terrassa: 37,800 € 37,800
- Manresa: 26,000 €.
The data reflect a clear gap between the capital and its most sought-after coastal area compared to the first and second metropolitan area. While in Hospitalet the amount required is already reduced to half that in Barcelona, in the capital of Bages, Manresa, the amount required is almost four times less (26,000 €).