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April 6, 2017

12% of real estate in Spain is rented within 48 hours

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12% of real estate in Spain is rented within 48 hours

The immediate rent when the properties offered are available in the market during less than 48 hours represented in February 2017 the 12% of all transactions of the rent closed in Spain, according to a study published by the main real estate portal Idealista. However, the differences between the cities of the country are very visible, since in some capitals of the autonomous regions, the ultrafast rent practically does not exist, and in others, it supposes almost a third of all the operations.

Fernando Encinar, the head of research at Idealista, said that "rent is no longer seen as a waste of money and is the best option for thousands of Spaniards when it comes to choosing a new home." This change is felt in a marked increase in demand, which is not accompanied by a similar increase in the supply of residential real estate in Spain. In fact, according to Encinar "although the Idealista website contains a large number of apartments and houses for rent in Spain, as never before, their number is still insufficient, and this situation causes a rise in prices in some areas of the country."

In addition, according to experts, the higher prices of real estate in Spain are due in part to the "lack of interest of many municipalities in providing the population with new real estate objects to meet the need for a greater supply of apartments for rent in Spain. Therefore, the likelihood of increase of real estate prices persists."

Meanwhile, the distribution of immediate rent is not uniform in all regions of Spain. In the Balearic Islands demand is very high, as 19% of all houses and apartments that were rented on the island during the month of February were available on the website for less than 48 hours. Then follow Madrid (18% of fast rent) and Navarre (17%). Catalonia (12%) and the Basque Country (12%) are near the country average, while Aragon (11%), Andalusia (9%), Canary Islands (9%) and Galicia are situated below the national index average.

At the lower end of the ranking are also located Cantabria, Valencia and Castilla La Mancha (7% in all three cases), Castilla-Leon (6%), Extremadura (5%), Asturias, La Rioja and Murcia (4% in three autonomous communities).

The capitals of the Spanish provinces are the areas in which the interest of the tenants is concentrated, the reason why the percentage of immediate rent here is usually greater. For example, in Ourense was recorded the highest percentage of fast rent of the total number of transactions, namely 33%.

It is followed by Albacete and Malaga, with the figure of 27%, Pamplona and Palma de Mallorca (25% in both cases). Next comes the city of Barcelona, ​​where 21% of all real estate for rent in Barcelona have been available on the online portal for less than 48 hours, followed by Avila (20%) and Madrid (19%).

Also, as in the case of the capitals of Spanish provinces, the main cities of the country show various statistics of immediate rent, depending on the area analyzed. In particular, the Sant Andreu neighborhood in Barcelona was the area where the highest percentage of fast rent was recorded in February 2017, i.e. the 40% of all houses and apartments are rented here in less than 48 hours.

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