Spanish property rents fall in june

The official figures show that rents dipped by 0.1 per cent last month - the third month of falling rents in a row.

Despite the current declines, rents remain 0.2 per cent higher than this time last year - although they are well below Spain’s consumer price index, which climbed 0.1 per cent in June from May and rose by 0.4 year-on-year, reports Kyero.

The three consecutive monthly dips have been partly attributed to recent changes in the law. The Law of Flexibility Measures and Rental Market Development came into force at the start of June, El Mundo notes, giving parties the right to update rents after three years of letting without being linked to the CPI.

The regions to record the most severe falls in rental rates were Navarra and Murcia, where values dropped 2.2 per cent and 1.5 per cent respectively. Madrid, Aragon, Castilla-La Mancha and Valencia followed close behind, posting falls of 1.2 per cent, 0.6 per cent, 0.6 per cent and 0.5 per cent respectively. 0.4 per cent declines occurred in Extremadura and Andalusia apiece.

As if often the case, the non-mainland markets were more resilient: The Canary Islands saw rates slide 0.3 per cent, while rents in the Balearic Islands did not Change at all.

Rental increases were recorded in Melilla, Galicia, Ceuta, Catalonia, the Basque Country, Cantabria, Castilla y Leon and Asturias.