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Spain: what happened to rent in 2023, and what to expect from 2024?

Rental prices continued to rise throughout the year, in Valencia they added +21.6%. Experts analyzed the situation on the rental market in Spain and made their forecasts.

What happened in 2023:

Permanent rentals are being replaced by seasonal rentals.

At the end of November, property rentals were 9.2% more expensive than a year ago: €11.9 / sq.m. national average.

Average prices in the most popular markets soared even more: +21.6% in Valencia, +19.3% in Palma, +15.2% in Malaga, +14.4% in Barcelona and +12.4% in Madrid.

What about short term rentals?

In the second half of 2023, seasonal rentals became the favorites: at the end of the third quarter, they accounted for up to 10% of the total supply in Spain.

Seasonal rentals now account for 32% of all rentals in San Sebastian, 28% in Barcelona, 15% in Malaga and 11% in Madrid. Prices for it continue to rise (the trend will most likely continue in 2024).


Among the provincial capitals, Murcia and Lleida currently provide the highest returns to investors planning to buy to rent: 8.3% and 8% per annum, respectively.

In Madrid the profitability reaches 5.2%, and in Barcelona - 5.8%.

Expert forecasts for 2024

In 2024, profitability can be “increased” by the most dynamic markets – the metropolises of Madrid and Barcelona. In other locations, where demand is lower, profitability will remain stable or even decrease slightly.


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