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According to the Professional Association of Real Estate Experts the price of rental property in Spain has fallen by as much as 30% over the past 6 years.
This organisation is supposed to be a sort of quasi-regulator of estate agents but do little in practice.
I would not normally take much notice of what publicity they churn out. However they go on to say that the amount of property available for rent has increased by as much as 300% in some regions and they expect rent levels in cities such as Madrid, Barcelona and Zaragoza to continue to fall in the coming year.
They maintain that demand for rental property will be strong as more people are forced out of their homes due to mortgage default.
The other factor for a strong rental market according to this organisation is prospective property buyer’s lack of confidence that property will not continue to fall so prefer to wait and rent.
I’m a little sceptical because the normal market economic rules dictate that strong demand means only one thing. Higher prices not lower.
Yet in today’s climate perhaps norms no longer apply. -
“but do little in practice “
Why should the different !!Who, would like to rent the property out with laws in favour of the tenants, Courts system ineffecient. Due to this a large number of properties will not come onto the market & as such create an artificial vacum.
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“but do little in practice “
Why should they be different !!Who, would like to rent the property out with laws in favour of the tenants, Courts system ineffecient. Due to this a large number of properties will not come onto the market & as such create an artificial vacum.
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‘Do little’ to regulate estate agents and their dubious practices is supposed to be their reason for being.
However I realise that’s all ‘my eye and peggy martin’ as my old dad used to say. 😆 No idea why. -
no one knows the current state of the rental market in spain. Too many landlords don’t declare they are renting. Not including what Shakeel has said, the system is too time consuming for the landlord, nor are the benefits for declaring a property is rented attractive enough.
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I thought burger was King !!!!!!!! sorry, sorry, could not resist.
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The amount of rental property available all over Spain is huge and far outstrips demand otherwise rents would rise not fall.
I suspect the mortgage defaulters who are unemployed are either remaining in the property paying interest only or move in with family.
Property sharing between families is the future, if you could stand it! Spanish families like living together even in very small spaces.
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