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Spain has a stock of 818,000 of new residential properties for sale
Jeudi, 26 Janvier 2012 10:02
Spain maintains a stock of 818,000 new residential properties for sale, as of September 2011, which represents 3.2% of its total number of residential properties, based on a report prepared by CatalunyaCaixa of the residential property market in Spain.
The report was presented during a press conference which was held by the director of the real estate division of the Bank, Mr. Eduard Mendilouce, a professor of economics in the University Autonoma of Barcelona (UAB), as well as Mr. Josep Oliver, the author of the report, who also said that it will be very difficult to reduce this number during the coming years.
The volume of initiated constructions project in 2010 and the first 3 trimesters of 2011 mean an increase in the “stock” of 115,000 residential properties and in 2012 another 110,000 residential properties. These numbers will subside a little with only a prevision of 100,000 new residential properties to be built per year until 2015.
The report also states that only 17% of the Spanish population live in rental properties, a percentage that is similar to countries such as Latvia, Estonia, Bulgaria and Peru, but very far off from countries such as Switzerland (55,7%), Germany (46,8%) and France (38%), while the European average is 33,2%.
However, there is a very high potential of demand for properties for rent as 52% of the young Spanish between the ages of 16 and 34 live with their parents while in Europe in general this rate is near 44%. In cities such as Barcelona, which attracts foreign residents, the demand for properties for rent is even higher.
From the point of view of properties for rent, there has been a drop of 25% in the rental prices of residential properties in general throughout Spain, while Madrid and Barcelona rental properties prices are much less affected. In the US, for example, this drop in rental prices is around 33%.
Mendiluce maintains that there is a need to reinforce the rental property market as well as maintain the reduction of the VAT to 4% for new apartments, and stated that together with geographical mobility of the young people in the labor market the option of renting a property can be more viable than buying one.
Tags: Barcelona rental properties, new residential properties in Barcelona, properties in Spain, Barcelona property, properties for sale in Spain