Spain may be suffering an acute economic crisis, but holiday-home ownership looks almost like a basic necessity amongst Spanish families.
The percentage of Spanish families who own their own homes is one of the highest in the world at 83pc, according to new data from the Bank of Spain.
The Bank of Spain also reveal that 27pc of Spanish families own a second home, also one of the highest rates in the world.
Such high rates of home and second home ownership are a legacy of Spain’s 30 year love affair with property, ending with the housing bust that descended on Spain in 2007. There are now signs of a cultural shift taking place with Spaniards becoming leery of property ownership, preferring to rent instead.
In 2011, 90pc of Spanish families owned property of some sort, representing 84pc of household wealth, rising to 91pc for the bottom 20pc of the income scale.
High levels of homeownership come at a cost
27pc of Spanish families have outstanding mortgage debts on their principal home, and half of all households have some sort of debt to repay, with an average value of €42,900.
Younger families are the most indebted. 81pc of those where the main breadwinner is under 35 years old have property-related debts to pay.