Share of households in different tenure types, in percent, 2020 or latest year available. Source: OECD.

This international comparison of the distribution of housing tenures let’s us see which housing markets are the most leveraged and exposed to rising interest rates, assuming that the majority of mortgages are variable rate. Spain is in the middle of the pack with 49% of homes owned outright, and just over a quarter of households still paying off a mortgage, so Spain is less exposed to rising interest rates than other markets. From this data we also see that Spain has a relatively small rental sector with just 17.7% of households living in rented accomodation.

Housing tenures (OECD)