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The average home in Madrid costs
3,976 Euro per m2 . If you apply for a 25-year mortgage at 3.79% interest that
means you’ll pay a total of 6,300 Euro per m2. The minimum guaranteed interprofessional
wage is 570 Euros a month. A person earning this wage makes 28.5 Euros in an
8-hour workday, which would allow them to buy 0.0045 m2 of home, that is to say,
45 cm2. If they spend 100% of their minimum guaranteed interprofessional wage
on paying off they mortgage, in 25 years they’ll be able to buy a 27.17
m2 home.
Minimum guaranteed interprofessional wage for the year 2007 stipulated by
ROYAL DECREE 1632/2006 (BOE). Average cost per home in Madrid according to data
from the Ministry of Housing for the year 2006. Euribor 3.79% (October 2006).
Business card for people who live in Madrid exhibited as part of "Cementimientos", Off Limits Gallery, Madrid (Spain). 2007.
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