%%excerpt%% Historic High in Rental Prices Surpassed in 2024: 16 autonomous communities in Spain have surpassed their historic maximum rental prices, exceeding the peaks reached during the 2007 real estate bubble.
The price of rentals in Barcelona has reached a new record of almost 1,200 euros per month, with the first quarter of this year showing an annual increase of over 100 euros.
Barcelona ranks as the fifth-best startup ecosystem in the European Union.
Barcelona has once again solidified its position as the premier hub for emerging companies in Southern Europe. The Catalan capital has climbed one spot in the European Union ranking, now standing fifth in the Global Startup Ecosystem Index, trailing only Paris, Berlin, Stockholm, and Amsterdam.
Turn of Events: demolishing the regulation of temporary and room rentals in Catalonia. The Generalitat of Catalonia approved a decree-law to regulate temporary and room rentals, but the Parliament repealed it after the elections, with Junts opposing and the PSC abstaining. The decree aimed to tackle the rise in seasonal rentals bypassing price restrictions. Despite some party support, it faced opposition. It outlined that rental contracts must specify their purpose and imposed financial penalties for non-compliance. Implementation may be delayed pending the formation of a new Parliament and Government.
Temporary Rentals and Room Rentals: how is the new housing law affecting them? The Generalitat of Catalonia has approved Decree Law 6/2024, of April 24, on urgent measures in housing, which came into force on Friday, April 26 to regulate temporary rentals (11 months or less) and rentals of rooms. A measure that has been urgently approved to prevent rentals that should be long-term rentals, regulated by the new housing law and subject to price restrictions in stressed areas, from becoming room rentals or temporary rentals, which are not governed by these regulations.
Are seasonal rental contracts dominating the Spanish Housing Market? Learn more about the different trends going on in Spain and the effects it is having on the Rental Market.
Is it the end of Golden Visas in Spain? Introduced in Spain in response to the 2008 financial crisis to attract foreign investment, the golden visa allowed residency via various avenues, notably purchasing real estate valued at over 500,000 euros. Despite its popularity, critics contend that the program has fueled rising property prices in major cities like Madrid and Barcelona. The decision to end the golden visa program, announced by Prime Minister Pedro Sanchez on Monday, aligns with his goal of prioritizing housing as a fundamental right and rectifying market imbalances exacerbated by speculative investments.
The cost of rentals in Spain are continuing their upward trend, setting new records. By the end of 2023, prices had already alarmingly surged, and they have continued to exponentially increase during the first quarter of 2024.
On February 27, the Government revealed the reference index that will regulate rental prices in tense areas throughout Spain, a measure expected since the entry into force of Housing Law 12/2023 in May 2023.
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