Holiday rents still lucrative

RENTING a holiday apartment will use 47 per cent of a Spanish family’s holiday budget. The average Spanish family is reducing holiday spending by 16 per cent this summer, but geography also determines how much is needed for accommodation.

A week on one of the Mediterranean Costas will cost an average €520, which is 9.28 per cent lower than in summer 2012.

Rents in the Balearics are the highest at an average €1,087 a week although these have fallen by 11.34 per cent, said Manuel Gandarias of pisos.com. The Costa Brava in Cataluña is the next most expensive (€919 a week), followed by the Costa Verde in Asturias (€713).

Almeria offers the cheapest average rental at €331 a week, followed by the Canary Islands (€340) and Rias Baixas in Galicia (€386). Renting out a second home on the coast during the summer is also profitable for owners. 

The average monthly rental for a long let is €586, compared to a weekly €520 during the high season. “An owner renting a coastal property can earn more with short-term summer lets than from seven months of long lets,” Gandarias pointed out.