A leading Spanish economist has warned young people to buy a home as soon as possible.
Speaking recently on laSexta Xplica, Gonzalo Bernardos warned that future retirees should not rely too heavily on the state.
In his view, public pensions will be far less generous than they are today, and he argues that ‘the best pension plan you can have is a home’.
Soaring house prices have become a major barrier for many buyers, but Bernardos insists this should not deter people from purchasing if they can.
He points out that in large parts of Spain, two people earning the minimum wage can still afford to buy a home, often paying less in monthly mortgage repayments than they would in rent.
According to the professor, the real obstacle for many young buyers is not income, but the lack of savings for a deposit.
He believes the national debate is too focused on Madrid and Barcelona, while ignoring much of the country where prices remain far lower.
As he has repeatedly noted, there are still homes available for €120,000, €100,000 or even €80,000 – and in some towns, such as Zafra, properties can be found for as little as €30,000.
Bernardos has reinforced this message in other media appearances, including a recent interview on the Finect Talks podcast.
There, he urged prospective buyers not to delay their decision, arguing that waiting is likely to make things worse rather than better.
While he admitted that buying last year would have been cheaper, he maintained that prices are still rising and opportunities are disappearing quickly.
He also offered a personal example to underline his concern, explaining that he is advising his own daughter to buy as soon as possible.
In his words, if she does not do so now, she may end up paying ‘much more money’ in the future, or find herself unable to buy at all.
According to Bernardos, the strongest properties are often snapped up before buyers even have time to view them. Well-priced homes, he says, are increasingly selling themselves in today’s market.
