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August 18, 2014

Reducing of the cost of rent in Spain

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Reducing of the cost of rent in Spain

The price of rental properties in Spain decreased by 33.1% since 2007, till 6.77 euros per square meter. Eight regions of the country registered a decline of more than 30% of the maximum price they reached six years ago.

 

The average price of rental housing in Spain in July 214 was 6.77 euros per square meter, representing an accumulated reduction of 33.1% from the peak price reached in May 2007 (10.12 euros per square meter), according to the report, published by a major real estate portal Fotocasa.

Thus, the price of rental house in Spain of 80 square meters has decreased by 268 euros since May 2007, when rents reached the amount of 542 euros. In addition, published data suggest that the cost of rent in Spain decreased by 4.6% compared with July last year. At the same time, it decreased by 2% compared to April of this year and by 3% compared to June 2014.

Eight regions of Spain registered a decline in rental prices by more than 30% of the maximum rates of six years ago. So, Aragon became an autonomous community, which registered the largest decline in prices for rental property (-42.2%), followed by Cantabria (-37.9%), Valencia (-37.7%), Castilla-La Mancha (- 35.1%), La Rioja (-32.8%), Murcia (-32.7%), Catalonia (-30.7%) and Asturias (-30.1%).

In contrast, the regions of Spain Castile and Leon (-15.6%), Basque Country (17%) and Extremadura (-18.7%) were the regions where the prices for rental property decreased the least.

At the same time, the Basque Country is a region of Spain with the highest cost of rental property with a price of 9.75 euros per square meter. Followed by Madrid, with 9.17 euros per square meter; and Catalonia, with 8.62 euros per square meter.

At the other end of the rankings are located Extremadura, where the price per square meter is 4.5 euros; Castilla-La Mancha, with 4.7 euros per square meter; and La Rioja, with a price of 4.92 euros per square meter.

Among the capitals of the Spanish provinces, San Sebastian has the highest rental price of real estate, 11.30 euros per square meter. In second place is located the Catalan capital – Barcelona with 10.99 euros per square meter; Madrid closes the podium with 10.44 euros per square meter.

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