Majorcans need to save over €47,250 on average to qualify for a mortgage

A 7.4% Increase Compared with Last Year, According to a Study

Canary Islanders need, on average, €47,143 in initial savings to qualify for a mortgage in Spain, representing a 7.45% rise over the previous year, Qualis Credit Risk reported this week.

• By province:

  • Las Palmas de Gran Canaria: €47,249 (+7.46%)
  • Santa Cruz de Tenerife: €47,041 (+7.46%)

• Nationwide: The required initial savings amount to €48,031, a 9% increase, meaning buyers must have saved 27% of the total purchase price.

• Higher‑cost provinces:

  • Balearic Islands: €87,126 (up 10.6%)
  • Madrid: €82,952 (up 12%)

• Lower‑cost provinces:

  • Ciudad Real: €19,803
  • Jaén: €20,086
  • Zamora: €21,621

Financial institutions typically finance up to 80% of the property value, leaving the buyer to provide the remaining 20% as a down payment.

“There are thousands of potential buyers who, although they have the economic solvency to meet the loan instalment, do not have enough savings to cover the down payment,” said Mariola Municio, head of client relations at Qualis Credit Risk.

The analysis also highlighted that a significant portion of the initial outlay “is not directly destined for the purchase of the home.” In many parts of Spain, 30‑31% of the required savings go toward taxes and transaction costs.

Overall, Qualis Credit Risk stressed the need to facilitate access to mortgage credit in order to promote home ownership, especially as the average age of emancipation remains high.

The study relied on average square‑meter price data from the Ministry of Housing for Q4 2025 and assumed a typical 80 m² second‑hand dwelling as the reference property.