Learn the costs of renting or buying homes in various parts of Spain, procedures and legal requirements, and typical utility costs. Below is a brief excerpt from this section:
Most Spaniards live in small apartments with roommates or family members and rely on public spaces, such as cafés and tapas bars, for socializing and entertainment. Rent takes up a large portion of their income. Households spend, on average, 22% of their net disposable income on housing, higher than neighboring countries that average 20%. This figure is much higher in major urban centers, such as Barcelona and Madrid, where rent usually takes more than half of the average monthly budget.
However, the COVID-19 crisis is changing these rental market trends in the country’s main urban centers. While average rental prices increased by over 50% in the past five years, the pandemic froze most real estate markets and pushed rental costs to decrease.
According to a recent comparison of all of the major real estate portals during the last few months, average rent prices have contracted between 1.5% and 9.5% in the largest metropolitan areas, including the capital, Barcelona, Sevilla, Valencia, Malaga and Zaragoza. While this might be due to the fact that many professionals have decided to leave the city centers during the strict months of the lockdown, such quick rent reductions are also the result of an unprecedented growth of vacancy numbers of the many short-term vacation rentals that exist in most of the Spanish city centers.
This is just a brief sample of the extensive information in the GoinGlobal Spain Career Guide, which is carefully researched and regularly updated by local career experts.