53% of Spanish families will take no summer holiday
Sunday, June 8, 2008 @ 10:29 AM
Reading the latest newsletter from
idealista.es it mentions that a recent survey of Spanish families with mortgages, found that 53% of these families would not be taking a summer holiday this year due to the increases in the Euribor, fuel price increases and the rising cost of living.
The newsletter also goes on to mention that many Britons are handing back their properties in Spain back to the banks as they just cannot afford to pay the mortgages, and essentially losing everything they have put into them so far.
It seems young Spaniards themselves are still struggling too. The newsletter mentions that young people here need to earn another 137% more, an average of 3270 Euros, in order to afford to buy a 100 square metre property. Ouch.