THE absence of foreign tourists has caused a drop in rental prices in Madrid, Barcelona, Valencia and Sevilla.
Most apartments used for holiday rental have now entered the conventional rental market due to the absence of foreign visitors because of the coronavirus pandemic.
Rental prices have dropped by more than 10 per cent in some large cities in Spain.
According to the data provided by real estate portal pisos.com via national Spanish daily 20 minutos, rental prices have fallen by -12.85 per cent in Madrid, -12.09 per cent in Barcelona, -13.02 per cent in Valencia and -14.78 per cent in Seville, according to data for the end of January 2021 compared to January 2020.
A spokesperson for the real estate portal said that restrictions on mobility are aggravating the situation of holiday rentals, because international tourists are not coming to Spain and their absence can’t be compensated by national clients. This means that residential rental prices are having to drop.
Despite the drop the rental market it still very profitable, at a time when many people have decided not to buy property until the situation improves.
On average, the area with most expensive rental prices is Madrid, with €1,606 per month, while the lowest price was in Cuenca at €404 per month.
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