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Covid-19 Pandemic Pressures Housing Prices

The debate between buying or renting a home now has now some added facets due to the coronavirus crisis: tightened lending requirements, an increase in defaults and a growing supply of housing, both for sale and for rent.

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The Covid-19 crisis is beginning to impact rental housing. Average rents rose by 2.74% year-on-year throughout Spain, according to statistics from the real estate website pisos.com, but it has been suffering recently, falling by 1.52% in the last month.

The impact has been more pronounced in certain cities and region. Rental housing in Madrid is now 2.95% cheaper than a month ago, with the third largest decline in Spain. The price of rental housing also fell in the Basque Country (-2.17%) and Galicia, where rental prices are now almost 5% lower than in June. The report is the result of a study by the big data real estate platform Brains RE, which compared data collected by the Ministry of Housing, evidencing price inequalities by region, municipality and even district.

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