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The rental price in Spain will grow by more than 10 per cent in 2016

By the end of 2016, the average rental price in Spain is expected to have risen by more than 10 per cent. The study that says this has been elaborated by Servihabitat Trends, a platform that is in charge of investigating and analysing the real estate market and its evolution from official sources and channels of the sector and the state.

This upward trend has meant that renting apartments in Madrid, the Balearic Islands, Catalonia, the Canary Islands, Cantabria and País Vasco is especially expensive today. In fact, these autonomous communities are situated well above the average compared to the rest of the country. As an example, approximately, a house constructed more than 35 years ago in one of these mentioned areas and with less than 90 square metres, can cost 540 euros a month, whereas in some of the other places it can reach as high as 700.

37 per cent of the flats and houses in Madrid that are rented are occupied by single-parent families. this is the population segment with the highest growth in the last decade. For their part, 28.5 per cent are single persons and 23.9 per cent belong to families with two or more dependent children.


Madrid - precio-alquiler-espana.jpg

To this data we should add the foreign demand, which is, according to Servihabitat, 13.9 per cent of the total rental demand. The most interested are the Moroccans, followed closely by the British and Romanians. Likewise, the total number of rental dwellings that are placed under the market regime has risen by 3.6 per cent in the period from 2005 (9.5 per cent) to 2015 (13.1 per cent).

If we look at the total data, 22.7 per cent of the 18.3 million homes in Spain are currently rented, or 4.2 million of them. A good proof of the high rental price in Spain at the moment lies in the fact that there are only 13 countries out of EU's 28 that the inhabitants pay a higher than market price monthly payment of 12.7 per cent compared to Spain.

Many Spanish cities, especially the coastal ones and those with a large influx of students, have a rental offer per inhabitant above the Spanish average. In terms of gross profitability, the average figure in Spain is 5.4 per cent, with Madrid, Catalonia and the Balearic Islands exceeding this percentage.

According to these figures, at Engel & Völkers real estate agency in Madrid we are focusing a good part of our resources in meeting the demands of the customers who are interested in renting properties. 

Source

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