residential Market News: Spanish Real Estate Intelligence

Barcelona's municipal government has signed a pact with the ERC group to boost the 22@ technology district by modifying the General Metropolitan Plan (PGM).

Rural accommodation in the province of Málaga looks set to reach an occupancy rate of 80% this month, whilst the hotel sector will barely exceed 40%.

Acquiring a second-hand home in the city of Málaga is now 9% cheaper than it was in February 2020. The price reductions range from -10.3% in the Bailén-Miraflores District to -2% in the Eastern District.

The fund has started work on two rental home developments in the Madrilenian municipalities of Alcalá de Henares and Valdemoro, both promoted by Locare.

Célere Parque Norte is the firm's first development post-Covid 19. Located in the Madrilenian town of Tres Cantos, it will comprise 141 homes.

On Thursday, the Governing Board approved a new transfer to the EMVS so that it can continue executing many of the projects it has underway, such as the completion of 900 homes before the end of 2020.

The most exclusive homes are continuing to be sold, even during lockdown. They are less sensitive to price decreases and a new star product has emerged: rural estates.

The Council of Ministers has also approved the extension until the end of September of the application period for moratoriums on mortgages and on rental payments to large property owners or public companies.

The two largest cities in Spain saw average rental prices of more than 1,700 euros/month: Madrid (1,892 euros) and Barcelona (1,775 euros). Tarragona (8.13%) recorded the largest rise in interannual terms.