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Pandemic Causes Almost 6% Fall in Rents in the Centre of Madrid

The average price of rental housing in Madrid held mostly steady year-on-year in July, but individual districts such as Centro and La Latina saw more significant drops.

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In July, Madrid was the third most expensive municipality in which to rent a home, surpassed only by Ibiza and Barcelona, according to a study by the real estate website fotocasa. In the seventh month of the year and the fourth after the outbreak of the coronavirus pandemic in Spain, the average tenant in Madrid was paying 16.31 euros per square metre per month, a drop of 1.7% compared to June, though mostly unchanged (-0.2%) compared to the same month in 2019.

Compared to June, rental costs fell in 16 of Madrid’s 19 districts. The district of Puente de Vallecas saw the most significant drop month-on-month (-3.4%), followed by Chamartín (-2.8%), Centro (-2.4%) and Barajas (-2.1%). The district with the biggest monthly increase was Arganzuela with 0.6%, according to the study.

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