how to rent a property

2023 real estate market analysis and what’s in store for 2024 in Spain — idealista/news

The year 2023 will end with a seemingly contradictory balance in the real estate market: mortgages are falling and the volume of transactions is suffering after a year as significant as 2022. However, prices continue to rise, driven by a demand that is still higher than the dwindling supply.

The Housing Law has not only failed to meet the objectives set by the government but has had a devastating opposite effect: it was intended to solve the rental problem and has led to unknown levels of suffering for tenants. The new regulation has collapsed supply, and prices have continued to rise sharply. Moreover, there has been a significant shift from permanent to seasonal rentals, making it even more difficult for renters to access housing, especially families with children. With a continuous political environment, these trends are not likely to change in 2024.

The property market

Property prices

Price reductions that many have been listing for this year have not been arrived at, and the cost of buying a home in Spain has increased by 7% in the last year.

In some very dynamic markets, such as Madrid or Barcelonaprices have reached extremely high levels, causing price increases to

Trend of more tenants in the market with fewer rental properties to continue, RICS says | BusinessNews

Rents will continue to rise as more people enter the rental market with fewer properties to choose from, the professional body for surveyors has said.

Demand for rental properties rose “firmly” over the three months to July, according to research from property professionals, the Royal Institution of Chartered Surveyors (RICS), marking the strongest quarterly pick up in demand since the start of last year.

At the same time, most surveyors said instructions from landlords further declined, resulting in an imbalance of demand and supply.

The majority (63%) of the surveyor respondents to the RICS residential market survey expect rents to go up again in the coming three months.

Such a high percentage expecting an increase is a fresh record high with data going back to 1999.

Tenant demand limited already reached a five-month high amid a “frenzied” lettings market back in April.

Rents are now reaching an affordability “tipping point” with no sign of them reducing any time soon, one respondent said.

Analysis from Sky News showed renters are now in the majority in the UK, with