Biggest Climb in Spanish Rental Property Since 1950

News Date: jueves, 23 de julio de 2009

Biggest Climb in Spanish Rental Property Since 1950
Biggest Climb in Spanish Rental Property Since 1950

A recent Bloomberg story, also featured on Kyero.com, has described the number of Spanish rental properties at its' highest number since the 1950s. The number of rental properties in Spain is now thought to have numbered 3.3 million, a 55% increase in the past 2 years.

This massive rise in the number of properties available to rent in Spain is a by-product of the difficulties property owners face in selling their properties in the current real estate market.

Although many Spanish property owners would like, or need, to sell their properties, a shortage of buyers and a shortage of available capital is forcing more and more Spanish property owners into the rental market.

The main cause of the glut of houses in Spain is the fact that around 29% of new homes built in the European Union between 2001 and 2007 were Spanish homes, this despite the fact that Spain accounts for only around 9% of the population of the EU.

Large jumps in rental prices over these years were caused by a rise in property values, however the current housing slump is now driving down the rental values of houses around the country, but particularly in coastal holiday rental regions such as the Costa del Sol. Property rental prices in Spain are expected to continue falling over the coming holiday seasons, good news for those thinking of renting an apartment or villa in Spain.


Spanish Rental and Property News by TheSaraService.com News Desk

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