Palma.—According to the quarterly report of rental prices prepared by pisos.com, property in Spain in September registered an average monthly rental price of 604 euros and an average area of 105 square metres.
This figure recorded a -2.27% decline compared to August and a decrease by -2.52% when compared to figures obtained in June.
A 0.09% rise is registered annually.
The rental market is experiencing a stabilisation similar to that occurring in the purchase and sale sector. In this real estate business, however, other factors come into play.
“Economic difficulties have caused the demand for purchase to fall while the rental demand has increased, though there has not been a dramatic rise in rentals, as there are always new properties in supply”, said Miguel Ángel Alemany, general manager of pisos.com.
The website’s manager stated that “the fraction of the appealing unsold stock for potential tentants has been absorbed, but we must also take into consideration those houses which are being purchased by investors to obtain rental yields”.
Low prices linked with the fact that more lines of credit are being issued, have reignited the purchase and sale sector, but as Alemany states, “the previous savings which have been essential in covering the unfunded fraction, along with the stability in terms of jobs, continue to mark a watershed between those who are able to purchase and those who are forced to continue renting for a few more years”.
Balearics have some of the highest rental rates
Photo: R.L.