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VALENCIA is the most sought-after city in Spain for those looking to rent long-term.
The study by online property portal Idealist Between January and March, the city surpassed Barcelona, the leader in the market, with 17%, as it attracted more clients.
Madrid and Sevilla are next on the list with 9.1% each..
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The last time such a study was done in Valencia and Barcelona were equal in 2023. In 2022, Barcelona was the leader.
In June 2023, the rental trends of foreigners changed. Valencia rose 7.1% and Barcelona fell 2.1%.
Rental prices are the key factor with a cost of €945 on average for a 70 m2 property, while that rises to €1,414 for the same size in Barcelona.
In Valencia, the breakdown of foreign renters is dominated by Americans (14%) and Germans (9%) followed by French (8%)
The rental market in Spain is dominated by Americans in 22 out of the 52 provinces.
Balearic Islands, away from cities, remain the top destination for international tourism. The demand is expected to reach almost 30% by the first quarter 2025.
Alicante (27.4%), and Malaga (25.4%), are the second-highest provinces.
Renters in Spain continue to choose tourist and coastal areas because of their combination of climate, leisure, and accessibility.
In terms of real estate, 44.67 percent of all deals are in the realm. IThe Association of Registrars reports that between January-March, the majority of foreigners in Alicante were from abroad.
Prices averaged out at €180,740 for a 70 m2 property.
Malaga came in second with 32.75%, followed by The Balearic Islands, with a share of 30.03 %.
Read more Property News at The Olive Press by clicking here.
