28 Feb, 2021 @ 16:25
1 min read

Cheaper digs: Rents start to fall in Spain for first time since financial crisis

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THE average cost of renting a property in Spain has fallen for the first time since the financial crisis.

Rents had been rising every month since June 201 according to property website Idealists. But in January this year falls were seen as landlords of tourist accommodation started to try to attract an alternative income.

This phenomenon had been signposted in the early stages of the pandemic in the big cities where private landlords offering tourism accommodation had been particularly badly hit.

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Three of Spain’s main real estate portals, Fotocasa, Idealista and Pisos.com have said that this trend has now spread to coastal resorts and the countryside, meaning that average rents have now dipped across the whole country rather than just the cities.

The Spanish average of €11 per square metre recorded by Idealista in January is 0.1% less than 12 months earlier. This may not sound much but the figures reflect asking prices. The suspicion is that many renters will have negotiated a lower price as more and more rentals become available.

A recent study found that the number of properties available for rent in Spain soared last year by 178%.

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