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April 18, 2016

The price of rent of residential properties in Spain increased

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The rental price of residential properties in Spain rose by 4.3% in the first quarter of 2016, so that the price per square meter was set at 7.4 euros per month, according to a report published by the website Idealista. If we consider the annual dynamics of prices, the increase was by 5.2%.

Fernando Encinar, the head of research department of the web Idealist, noted that "the analysis of the data of the report makes clear that there is a great demand for rent of residential properties in Spain, and also the demand is constantly growing. To the contrary to what is happening with sales of residential property in Spain, the monthly income of rent of real estate in Spain increased significantly and by uniform manner throughout the country, and therefore, it causes a stable and steady growth of the housing market in Spain."

In addition, the experts point out that in some markets of residential real estate in Spain, especially in the major capitals of the provinces, the demand pressure is so strong that advertising of apartments and houses for rent, for example, in Barcelona, ​​only lasts a few hours, after that the object finds a new tenant. Given the fact that construction of new real estate in Spain during the years of economic crisis has left a large stock of properties of good quality, an increase in prices of rent can be an incentive for many owners and a good choice for small and medium investors who want to use the current situation to invest in residential properties in Spain. Currently the lending rates are near zero and at the same time, banks offer their customers historically low profitability of deposits, so many small investors prefer to buy houses and flats in Spain and later to rent them, thereby obtaining the desired steady income.

In addition, during the first quarter of this year, all regions of Spain recorded the highest rent prices indexes than they were three months ago, with the exception of the Basque Country, where the rental rates fell by 4%. The biggest increase in rents was recorded on the Balearic Islands, where the price has increased by 11.2%. Then the autonomous community of Madrid (5.2%), Valencia (5%) and Catalonia (4.7%) follows them. Slight increases, however, were also observed in Extremadura (0.3%), Cantabria (1%), on the Canary Islands (1%) and in Castilla-La Mancha (1.2%).

Madrid, with a price of 11.5 euros / m 2 remains the most expensive autonomous community of Spain for rental of residential property. Catalonia (11 euros/m2), Balearic Islands (10 euros/m2) and the Basque Country (9.6 euros/m2) follow it. On the opposite side of the classification are situated Extremadura (4.1 euros / m2), Castilla-La Mancha (4.4 euros / m2) and La Rioja (4.9 euros / m2), as more economic communities.

Valencia is the capital of the province, where the cost of renting of residential properties in Spain has grown more in the first quarter of 2016, i.e. an increase of 8.8%. Significant growth was also recorded in Santa Cruz de Tenerife, whose prices rose by 7.5%, followed by Palma de Mallorca (6.5%). On the opposite side is situated Bilbao, where the owners ask in 5.8% less compared with the previous quarter by renting their houses and apartments in Spain. The list price of rent close Avila (-3%), Tarragona and Jaen (-2.8% in both cases).

Barcelona has become the most expensive capital (15.2 euros / m2), followed by Madrid (12.9 euros / m2) and San Sebastian (11.7 euros / m2). At the bottom of the table are situated Lugo and Ourense, the more economical capitals of the provinces, with prices of 4 euros / m2 and 4.3 euros / m2, respectively.

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