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January 23, 2017

The rental price increased in Spain by 15.9% in 2016

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The rental price increased in Spain by 15.9% in 2016

The prices of residential properties in Spain experienced a significant increase during the year 2016 and at the end of the year there was an increase of 15.9%, which means that the cost of 1 m2 was established at about 8.2 euros per square meter per month. Moreover, in the last quarter of 2016 also accelerated the pace of growth, as the real estate prices increased by 8.2%.

Meanwhile, Fernando Encinar, the head of the research department of the portal Idealista, said that "as has been seen during many years, rents have strengthened considerably in the Spanish real estate market." According to this expert, "the political reforms that have taken place in recent years have affected very positively the growth of rents in Spain, returning them from their lowest levels that were recorded since the 1960 years."

He also explained the fact that "the economic crisis we have experienced in Spain has opened the eyes to many about the evolution of rental prices and the fact that the value of a property in Spain can fall, and even very significantly."

On the other hand, Barcelona and Madrid have established new records with increases of 16.5% and 15.6%, respectively. However, Valencia became the capital of the autonomous community, in which the price of rents rose during the year 2016 more than in others, that is to say, by 20.3%, which caused an increase of the prices of 1 m2 to 7.5 m2 per month.

According to the rental price, Barcelona became the most expensive provincial capital in Spain (17.9 euros / m2), followed by Madrid (14.4 euros / m2) and San Sebastian (13.6 euros / m2). On the opposite side of the classification are situated Lugo (4.1 euros / m2), Ourense and Avila (4.3 euros / m2 in both cases).

At the same time, however, housing rents in Spain increased in all regions of the country, in 42 provinces and in almost all the capitals of the Spanish provinces, but the experts still do not take risks by talking about the boom in rental prices of residential properties in Spain.

"The huge growth in demand is not accompanied by a similar increase in supply, which is actually falling, which contributes to the growth of rental prices of houses and apartments in Spain. This situation is favored by the improvement of the economy of the country, which caused a marked increase of interest of the residents to rent real estate in some Spanish cities", maintain the experts.

In addition to Valencia, Barcelona and Madrid, a significant increase in the cost of renting residential properties were registered in San Sebastian, where prices increased by 17%. List of the capitals of Spanish provinces closes with Castellon (12.5%), Valladolid (11.8%), Malaga (11.4%), Santa Cruz de Tenerife (11.1%), Las Palmas de Gran Canarias (10.9%) and Albacete (10.4%). On the opposite side of the classification is situated the province of Tarragona, where the owners of residential properties demand by 3.4% less than a year ago to rent their houses and apartments in Spain. The provinces of Zamora (-3.2%) and Jaen (-1.7%) follow it.

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