Record rents in Barcelona and Madrid

Record rents in Barcelona and Madrid
Record rents in Barcelona and Madrid
--

They want 19.8 euros per square meter

Own home becomes unavailable

Rents in Spain are rising to record levels, and the biggest increase is in the country’s two largest cities, Bloomberg reports. Rents in Barcelona are up 25 percent year-on-year, and in Madrid 12 percent.

High property prices make owning a home impossible for a large proportion of Spaniards. Therefore, they are looking for a rental property, which causes rents to rise. On average for Spain, rents rose to 11.6 euros per square meter. Barcelona and Madrid are the two most expensive cities. The average rent per square meter in Barcelona rose to a record 19.8 euros per square meter, and in Madrid it reached 16.5 euros.

Popular vacation destinations also report growth in demand for rental housing. For example, in Malaga, rents have increased by 31% in a year, and in Palma de Mallorca – by 24%.

About 24% of people in Spain live in rent, according to the latest data from Eurostat. This is below the EU average of around 30% and half the share of renters in Germany. Buying your own home in Spain will become more and more expensive. Rising property prices will lead to even greater demand for rental housing, experts predict.

-

NEXT Oil fell in price after OPEC refrained from drastic cuts – World