The entry into force in Catalonia of the price cap a month ago has left the stock of permanent rental housing falling by 13%, according to data from Idealista published this Monday. This means that of every 100 homes that were previously offered on the market, there are now 87 left. At the same time, prices have continued to rise, 4.3%.
In the case of the province of Barcelona, ??the most populated, the decrease in supply is a little higher, 14%. They are followed by the declines in Tarragona (-10%), Girona (-7%) and Girona (-5%). The reality by city varies somewhat: in the Catalan capital the drop repeats at 14%, but it shoots up to 21% in Girona.
The portal has tracked weekly metrics, which forces us to be more cautious and view the data as “an estimate that must be confirmed by successive analyzes with quarterly data.”
In the case of prices, it is stated that “it has not had immediate effects” and the market continues with bullish inertia. With a general increase of 4.3% in the month, in the city of Barcelona the rebound is 4.6%, while there are falls in Lleida (-2.8%) and Tarragona (-1%), with Girona stable. “These data show that the unanimous consensus of the experts was not erroneous or malicious, but was based on the experience of what happened in other markets,” said Francisco Iñareta, spokesperson for Idealista.
“Price controls will only aggravate the already desperate situation of thousands of Catalan families, who will see how in the coming months the difficulty and competition in accessing housing will increase,” continues Iñareta, who states that the problem is offer.
The demand remains unstoppable. If a year ago there were 29 families interested in each rental offer in Barcelona, ??today there are 40, with a jump of 39%. In Lleida it goes from 16 to 25 (49%) and in Tarragona from 20 to 25 (24%). In Girona the 22 families remain. All of them remain below the average increase of 55% in Spain. In Madrid it is surpassed, with a rise of 63% of those interested per advertisement, up to 41.
Renting seasonally, with contracts of less than one year, “seems to have become the preferred option for many owners.” In any case, for now it maintains the levels prior to the entry into force of price controls. Seasonal rentals represent 30% of the offer. In Girona and Tarragona they are 10% and 2% in Lleida.
