It has been revealed that around one in five residents in Madrid are seriously thinking about purchasing a property within the next 12 months. The figures come after a study was carried out by Urban Development Group, Valdebebas.

The report also states that the average home that people are looking for is a home in Madrid, a minimum of three bedrooms, and with a budget of 350,000 euros maximum. What makes for interesting reading is the fact that around 73% of people looking to buy, already own a home. Of the remaining people, 21% live in a rented property and 4% still live with their parents.

The conclusion of the report stated that of all the potential homes bought, 36% will house three people, and 28% will house four people. With a potential demand for nearly 50,000 new homes in Madrid, it is no surprise that nearly half of the city’s population between the ages of 30 and 60 are aware of the new urban development, and no doubt have their eyes set on one of the new homes.

To understand the full step-by-step process to buying a property in Spain, collect The Overseas Guides Company’s ‘Spain Property Buying Guide’