29 January 2018 – Eje Prime
The Government is taking an interest in the rental market. The Ministry of Development is planning to report on the evolution of rental housing each quarter with new statistics reflecting different data and aspects of the market.
The report will be compiled by the Ministry’s Observatory for Housing and Land, which will analyse the situation in the market, which is currently booming in Spain. The increase in prices in this segment in certain cities, such as Madrid and Barcelona, is coming close to setting new records, driven by the increasingly high demand for these types of assets. In 2017 alone, residential rental prices rose by 8.9% across the country, led by Cataluña, where rental house prices increased by more than 10%.
The team that is going to launch this new quarterly report is already working to compile the first edition, gathering information and forecasts on the rental market from the main bodies and public institutions, as well as from companies in the private sector.
Similarly, the Ministry of Development is going to publish research that will reveal citizens’ perceptions of rental housing in order to, according to the public body, “identify the main problems and barriers facing the segment”.
Currently, the Government of Spain has the Housing Plan for 2018-2021 on the table, pending approval by the Council of Ministers. With that, young people aged under 35 years will receive financial assistance of up to 50% to cover the cost of renting their homes, taking into account the salary level of the claimant and provided the cost of the rental contract does not exceed €900 per month.
Original story: Eje Prime
Translation: Carmel Drake