Measures designed to promote rental housing market
Spain is a country where the number of people that rent apartments in relation to those who prefer to own one´s property is lower than the EU average (17% vs 30%).
The Law 4 / 2013, which includes measures designed to encourage rental housing, was adopted on the 4th of June. It is one of the reforms that are being undertaken in order to make the Spanish economy more competitive and investments in Spanish real estate more attractive, and to place on the market unoccupied dwellings.
All the measures have been taken with the aim to liberalize the market and to make it more flexible, eliminating rigidity from the previous legislation.
– The rental of housing will be mainly governed by the agreement between the parties.
– The minimum lease term of housing will be reduced to three years.
– The process of recovering property from renters for the owner who aims to make it his own home will be easier.
– There will be less paperwork and time needed for eviction for nonpayment of rent.
– There will be created a registry of final sentences of eviction.
As a result these reforms, along with the drop in housing prices and the upcoming Law, that will permit giving Spanish residency to foreigners who invest in real estate in Spain, make it every day more attractive for foreign investors the possibility of having homeownership in this country, both for personal use and for renting it as a dwelling or holiday apartment.