House price to income ratio in Spain 2012-2023, per quarter
The house price to income ratio index in Spain increased by about 19 index points between 2015 and the second quarter of 2023. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Spain's index score in the second quarter of 2023 amounted to 119.4, which means that house price growth has outpaced income growth by almost 25 percent since 2015. This was slightly higher than the Euro area 16 average.
