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The economic downturn has led to a significant rise in the number of people renting a home in Spain for the long term with strong demand from nationals and foreign residents, new data shows.
Overall the Spanish rental sector has doubled in the last five years, according to the data from the country’s National Statistics Institute and figures also shows that yields are up to 7.6% for long term lets.
With higher yearly yields many investors are turning to Spain as the next buy to let destination of choice with data from One Marbella Group showing that yields have increased from 4.2% a year ago, to 5.8% currently.
Popular tourist areas, such as Marbella – Benahavis – Estepona offered returns of up to 8%. A modern, two bedroom apartment with a sea view can be rented out for €900 per month, while a spacious three bedroom townhouse with sweeping views of the coast ranging from 1,200€ – 2,500€ per month.
Added to all of this is the surge in demand from tenants, with the size of the rental sector more than doubling from 8% just over five years ago to 18.5% in 2015.
“In recent years we have seen a significant increase in the number of people in Spain looking to rent property on a long term basis” according to Alan Wentworth-Harley Director of One Marbella Group S.L.