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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, 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.

Read the full article in Spanish


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