Rental costs in Spain are rising. In the southernmost region of Andalusia, for example, prices have increased 8.7 percent in the past year. [1]. While this is excellent news for property investors, it can be a significant hurdle for expats planning to rent in Spain while they search for their forever home.
For many overseas buyers, the idea of renting in Spain before committing to a purchase seems like a logical step. In fact, when surveyed almost 20 percent of Property Guide readers said they aimed to rent initially. However, with rising rental prices, this approach could quickly become costly and stressful.
Buying vs renting
If you’re planning to relocate to Spain, it might seem tempting to rent first and buy later. Renting gives you more time to explore different locations, for example. It’s also easier to arrange last-minute viewings.
However, finding your dream home in Spain while still in your home country can save a lot of money on rental costs. Moving into your new home straight away also saves the stress and hassle of multiple moves.
Save on rental costs by buying straight away
With help from Your Overseas Home, it’s much easier than you might think. We can support you every step of the way, ensuring you buy your dream property in Spain safely and securely, no matter where you are based. Here’s what we can do for you:
Access to trusted professionals
We can put you in touch with reliable professionals, including estate agents, lawyers and visa experts to guide you through the buying process and ensure you have all the right paperwork in place for a smooth and stress-free transaction.
Currency exchange services
Our partner, Smart Currency Exchange, can lock in your exchange rates, protecting your budget from currency fluctuations.
A wealth of helpful information
Each month, we run webinars with advice from trusted experts, covering everything from visas to removals. Check out our upcoming Spain webinars here.
Use our online portal to browse thousands of properties and shortlist your favourites – without leaving your sofa.
You can also download the Spain Buying Guide for everything you need to know about buying property in Spain.
Organise viewing trips
We can arrange tailored viewing trips, helping you explore properties in person before making your decision.
Where to buy a rental property in Spain
Marbella has the highest rental prices in Andalusia (AlexDreamliner via Shutterstock)
If you are buying an investment property or you’re planning to rent out your holiday home while you’re not using it, you could earn a lot more in some areas than others.
Andalusia offers strong rental yields, with average prices at €10.86 per square metre per month or €543 for a 50-square-metre apartment. Malaga, in particular, is a great option, as it has the top ten most expensive towns in the region, with rental prices exceeding the national average by 14.3 percent. The top four are:
- Marbella
- Average rental price: €17.45 per square metre
- Expected rental income for a 50 square metre apartment: €872.50 per month
- Benalmádena
- Average rental price: €17.13 per square metre
- Expected rental income for a 50 square metre apartment: €856.50 per month
- Torremolinos
- Average rental price: €16.70 per square metre
- Expected rental income for a 50 square metre apartment: €835 per month
- Estepona
- Average rental price: €16.24 per square metre
- Expected rental income for a 50 square metre apartment: €812 per month
Another area to consider is El Ejido, in Almeria, where rental costs rose by 43.1 percent compared to the previous year.
Sources:
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