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February 28, 2017

Renting in Spain is a real and profitable business

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Rental of a residential real estate in Spain is becoming increasingly a more popular solution to the problem of housing in the country. Although the majority of the population still prefers to own a property, the latest statistics indicate that rental of properties is gaining strength, and currently account for 22% of the residential real estate stock in Spain.

In addition, this trend has the potential to accelerate the pace of its growth in the coming years. Therefore, according to experts of the Spanish real estate market, this will no longer be only a solution to the housing problem during the economic crisis, but it will become the stable and profitable type of business.

"At the moment a quite evident can be confirmed: Spain has been able to turn a necessity into an advantage. That is to say, the rent of a residential property in Spain has always been a means of solving the problem of homelessness during the crisis, but this stage has already passed, and in the near future we will see a continuous growth in this other trend. We are already at a higher level than a few years ago, although still below the European average indexes," explained Julian Cabanillas, CEO of Servihabitat during the presentation of the report on trends in the real estate sector in Spain, prepared by the company PwC.

According to this expert, in addition, and although this is not very typical of Spaniards, "in the coming years the rental of residential properties in Spain will be strengthened as a real business type, not as a solution to a temporary problem." Recent surveys, at least indirectly, point to the fact that the new generation considers renting a house or apartment in Spain as a more affordable and attractive option rather than buying a property.

According to the CBRE study, two-thirds of Spaniards between the age of 22 and 29 years believe that they will rent an apartment or a house when they leave their parents' home, while only 16% are expecting to buy a house in Spain.

In addition, experts also recognize that the property rental business in Spain needs more investment and strong support from the national government to achieve its objectives. For this it is necessary to significantly improve the existing legal framework in the country, since the owner has to feel secure," said the CEO of Servihabitat.

Cabanillas also explained during the presentation that the important thing is that the legislative framework must guarantee to residential property owners in Spain is security, and also reduce the uncertainty about the income they can get from their investments. "If they do not have guarantees, then they will not invest, or will offer their product in the market at a higher price," he added.

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