We are not suggesting that those looking to find a property for sale in Calahonda should consider renting instead; on the contrary, we know that when your heart is set on that luxury townhouse in Calahonda, you want to tell everyone you know that it’s yours! And so you should.
The fact remains though, that not everybody who dreams of a Costa del Sol lifestyle is able to afford it. This is especially true for the Spanish, whose lower incomes in the current climate have meant that they have largely turned to the rental market in order to acquire this lifestyle. As a result of this, and of course because of the number of tourists wanting to extend their stays, and expats wanting to ‘try before they buy’, property rental in Spain is becoming increasingly popular.
The rise in Spanish property rentals equates to approximately 4.5% on last year, and big cities like Barcelona and Madrid have seen a whopping 20% increase in rentals. So what does all this mean, and how does it affect you? Well, it depends how you look at it.
Your options as a buyer are on the increase
You may want your Costa del Sol dream home all to yourself, all of the time. However, if your circumstances don’t allow for this, you may be worried about paying a mortgage on a home you can’t inhabit year round, or if you’ve bought it outright, leaving your beautiful new Calahonda beachfront villa standing empty for months on end. We can see the dilemma! The good news is that there are ways you can make a financial profit on your home.
Perhaps you are looking for a second home or holiday house for sale on the Costa del Sol rather than a full-time residence. In that case, you’ll also be pleased to know that at the moment, rental rates in Spain are climbing. Although they are actually less (by 28%) than they were in 2007, it is a positive sign for the Spanish property market in general, and of course excellent news for those wishing to rent out their Costa del Sol property to tourists or long-term renters.
Financial returns are high and peace of mind is a bonus
If you’re looking for an investment property on the Costa del Sol purely with the intention of making a financial return, now is a great time to buy. Homes are selling faster than they have in a long time in Spain, so if you plan to renovate and sell a property, for example, the chances of selling it quickly are high.
Becoming a landlord here in Spain could be the answer to your concerns about upkeep of the property, and it may mean that your mortgage pays for itself over a period of time.
Start Group have over 750 properties on our books, so we’re confident that the property to suit your requirements is right here with your name on it. Why not have a chat with one of our friendly team members about your options?