Property portal IDEALISTA reports rentals in Barcelona plummeted by 14% following the approval of Spain’s new Housing Law of 2023

Raymundo Larraín Nesbitt, July, 15. 2024

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15th of July 2024

IDEALISTA reports on its latest metrics that rentals on offer in Barcelona have plummeted by 14%. The same story applies to the remainder of the region of Catalonia.

We have repeatedly been warning since 2021, that the approval of Spain’s new Housing Law of 2023 was going to have the opposite effect that was sought by the Spanish government.

Instead of sharp falls in rental prices, landlords – afraid of the interventionism in the new housing law – massively pulled out their properties from the rental market causing a sharp spike in rental prices (fewer offers available and an ever-increasing demand results in higher rental prices).

This is exactly the opposite effect that was desired by lawmakers when they enacted the new Housing Act.

Unfortunately, as explained in multiple of our articles and blog posts, this was highly foreseeable.

In effect, Spain’s new Housing Law has devastated the rental market, driving rental prices sharply up to all-new highs to the detriment of weak social collectives that (desperately) crave protection from Authorities against unabating rental prices.

The road to hell is paved with good intentions.

 

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