The Tottenham star is reported to be pushing to sign for Real this summer.
"[The changes are] huge," said Owen, recalling his time with Real. "I underestimated that when I went to Real Madrid, certainly from a family point of view. From a football point of view, I think Bale would do particularly well. But I think for any player going from these shores to Spain, it is a lot different to how you first imagine it."
When asked on BBC 5 Live’s Sportsweek how many changes he would have made to his time at Real, Owen added: "How long have you got?
"Off the pitch, it’s very difficult. The Spanish culture is a very easy way of life; there’s a slow pace to it.
"When you get over there, you want to move into a house and get settled, get your wife happy, your kids happy and your family and everyone else happy, and you’re trying to change as well, but unfortunately you’re stuck in a hotel for five months.
"The legal system and all these things to buy a house are so slow. We wanted to do it as quick as we could, but I was in a hotel for five months with a young child."