Over €100,000 in savings required to obtain a mortgage in Barcelona, according to Idealista

The mortgage payment for a two-bedroom apartment in Barcelona is 38% lower than the monthly rent for a similar property, according to a study published by the real estate portal Idealista.

However, the report warns that an average of €103,172 in savings are required to cover the down payment and transaction costs needed to secure a mortgage.

The platform estimates the average monthly mortgage payment in the Catalan capital at €1,116, compared with €1,794 for rent.

In other Catalan cities, like Tarragona and Girona, the price is significantly lower. 

In Tarragona, located about one hour south of Barcelona, the study found that buyers need €44,132 in savings to obtain a mortgage payment of €477, which is 41% lower than the average rent of €809.

In Girona, one hour north of the Catalan capital, buyers need €60,374 to secure a mortgage payment of €653, compared with an average rent of €980.

In the rest of Spain, the national average monthly mortgage payment stands at €698, compared with €1,088 for rent, making buying 46% cheaper than renting. However, buyers must still provide an average of €64,568 to cover the deposit and associated costs.

According to the study, mortgage payments are lower than rental costs in all Spanish provincial capitals. 

The only exception is Donostia/San Sebastián in the Basque Country, where mortgage payments are 10% higher than the rent.