Average cost of rent in Spain drops. The price chart shows a decline after years of growth. El Pais reports about it today.
The article refers to data of real estate website Fotocasa and property website Idealista.
According to Idealista this January a growth trend, which had been demonstrated since 2013- 2014, ended. The website determines the average current price for rental housing as 11.0 € / m2.
According to Fotocasa report, the price of rental housing in Spain decreased by -0.8% in its monthly variation and the interannual increases (0.0%) stopped after 66 months increasing (from August 2015 to December 2020). Now the price is 10.64 € / m2 per month, according to the Fotocasa Real Estate Index data.
El Pais points out the main reasons.
COVID-19 restrictions reduced the flow of tourists. Many tourist apartments arrived to the property market leading to a surplus of supply. The number of properties available for rent in Spain, according to some sources, increased by 178% last year.
Another reason is based on economic difficulties, which many people faced with in Spain. They had to look for something cheaper.
At the same time, those who were transferred to remote work began to choose rent dwelling according to their working requirements. Thus they look for larger homes but at the same price.