Ben Pawlowski
SHOCKING new figures have shone a light on Spain’s cost-of-living crisis with over one-in-three Spaniards admitting they cannot afford to go on holiday.
According to data published by the National Statistics Institute (INE), 33.4% of Spaniards say they do not make enough to go on a week-long sojourn once a year.
The INE classifies a break every year as one of the required elements for an adequate standard of living, but many workers – including those on or above minimum wage – have been forced to shelve holiday plans and instead spend money elsewhere.
That is despite the minimum wage skyrocketing by 54% in Spain between 2018 and 2024 – from €736 to €1,184 per month – with prices rising by just 19% over the same period.
Experts say the housing market is to blame, with rental prices climbing at a ferocious pace and leaving tenants struggling to make ends meet.
That is reflected in the statistics with over 40% of households living in rented accommodation not going on regular trips, compared with 28% of Spaniards who own their own homes.
READ MORE: Housing crisis latest: Spanish tenants are spending nearly half of their income on rent
One recent study by InfoJobs and Fotocasa found that renters in Spain are allocating a staggering 47% of their gross income towards housing costs – the highest level recorded in the past five years.
The situation is even bleaker in major cities, with tenants in Madrid parting with an eye-watering 71% of their wages on rent.
The cost of renting has surged across the country in recent years, climbing from €10.35 per square metre in October 2021 to a peak of €13.35 p/sqm in late 2024.
Holidays are also becoming more and more unaffordable, with research from financial institution Oney estimating that Spaniards going away this summer will fork out an average of €1,339 on their break.
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