Every tenth property is vacant in Madrid and Barcelona

Every tenth property is vacant in Madrid and Barcelona

Approx. 1.4 million homes and apartments are empty in the 12 provinces of Spain. The highest rates are recorded in Barcelona (283,155 units, 11% of the total in the city), Madrid (263,279; 9.1%) and Valencia (214,022; 14.7% of the region), according to the survey of the Spanish real estate rental company Alquiler Seguro.

According to the publication, the Spanish rental market is underdeveloped (only 8-14% of all households rent accommodation) compared to Europe, where every third rents apartment or house. Also there are only 11 judges in Spain (in the EU – 21) per 100,000 inhabitants, and it slows real estate procedures and reduces the number of proposals for the lease on the market, according to the survey.

 

Vacant and rented property in Spain, the average rent

Region Vacant property – % of total in Spain Rented property‚Äč Average rent per year
Barcelona 283,155 – 20.2% 311,653 €12,897
Madrid 263,279 – 18.8% 255,254 €14,242
Valencia 214,022 – 15.3% 63,175 €6,415
Malaga 120,611 – 8.6% 47,444 €7,369
Vizcaya 43,704 – 3.1% 27,475 €6,512

 

Read also:

Three ambitious projects to be implemented in Murcia

The Canaries: islands with affordable Spanish property

San Sebastian: London prices for Spanish property

It couldn’t be scarier. The ugliest buildings in Spain