Finding an apartment with a ‘for rent’ sign hanging in Santiago is not an easy task for a family that has to move to the Galician capital, for example, for work reasons. Much easier, however, is for tourists who come to the city to spend a few days on vacation, since the housing offer for this customer profile is noticeably higher.
Santiago gains the same inhabitants as homes: 2,500 during the last decade
Specifically, heThe Compostela city currently has only 180 properties ready to welcome tenants, many of them, furthermore, in precarious conditions or at very high prices. A number that represents almost seven times fewer than the 756 holiday homes or apartments that casual visitors can choose fromas indicated in a study prepared by the Galician Federation of Real Estate Companies (Fegein).
An organization that is very critical of the new Housing Law, recently approved in the Cortes, whose “pernicious effects”, it indicates, are already perceived “clearly” in the market, “reducing and increasing the cost” of the supply of rental housing in the main towns of the community. Especially, they point out, in medium and small municipalities, where the majority of owners are people over 65 years old “and their distrust and fear of possible non-payments that generate judicial conflicts is even greater.”
Housing construction in Santiago confirms its strength and grows by 123% in the first quarter of 2023
Ferrol, the report concludes, It is the only Galician city where the supply of regular rental homes is still higher than the supply of holiday apartments. Vigo, for its part, It is the place with the most tourist apartments –1,093–, followed by A Coruña, which has 849. At the opposite pole is Lugo (214), only ahead of the naval city, with 138. In the community as a whole there are 18,318 holiday apartments available, compared to one offer of 2,655 homes for regular lease.
On the other hand, the document prepared by the real estate association also focuses on the growth in room rentals, both in prices and supply, derived from the fact that “its submission to the Civil Code and not to the Law on Urban Leases (LAU) ) makes it much more attractive and agile for owners. In this section, the figures show that at the regional level there are 745 rooms looking for a tenant, of which 120 are located in Compostela.
As regards the purchase and sale market, Santiago has 980 new and used houses on the market, below Ferrol (1,100), Lugo (1,550), A Coruña (2,370), Ourense (2,900) and Vigo, which offers potential buyers 3,640 homes. Finally, Fegein calculates that in Galicia there are 59,148 large forks (those who own more than 5 homes for residential use and which are intended for rent), of which 21,074 are in the province of A Coruña; 17,983, in Pontevedra; 12,454, in Ourense, and another 7,637 in Lugo.
#Santiago #homes #conventional #rental #vacation #offer #rises
