Renting Accommodation
To rent accommodation, you will need to draw up a rental contract with the
owner. Although it is valid and legal to draw up a verbal contract, it is
advisable to do it in writing. In this case, the agreement must show the names
of the owner and the tenant, a description of the accommodation, the length of
the agreement, the rent and other clauses you wish to include. In principle, the
tenant and owner are free to decided on the contract’s length. If it is
arranged for less than 5 years, it will be extended each year automatically
until 5 years have passed unless the tenant informs the owner, at least 30 days
before the expiry date, that he does not intend to continue living in the rented
accommodation. If the length of the contract is not stipulated, it is considered
to be for one year and extendable for equal periods of time up to a maximum of 5
years.
At the time the agreement is drawn up, the tenant is obliged to give the
owner a deposit payment equal to the rent for one or two month. The rent, i.e.
the amount that the tenant pays to the landlord to rent the accommodation is
freely agreed by both parties. Payment is monthly and is updated in line with
the Consumer Price Index
The cost of renting accommodation in Spain varies from one city to the other
and it is difficult to generalise. As a general rule, though, rents are most
expensive in the main cities: Madrid, Barcelona, Bilbao, Vitoria and San
Sebastián. Living in the centre of one of the main cities will always be more
expensive than in the outskirts or surrounding towns, although these are
normally well connected by trains or buses that will normally take you to the
city centre in under 30 minutes.
To give you an idea, the price of renting an apartment in a house is between €400
and €600. If the flat has two rooms, the amount may be estimated at between €500
and €900. Renting a single room may cost from €180 to €270 per month,
without counting expenses for paying a pro-rata part of the electricity, water,
gas and telephone bills, which are usually paid every two months.
Buying Accommodation
If you are going to buy a property, the legal transaction must be drawn up
before a notary. Any ordinary or savings bank will provide information on the
cost of mortgages and the respective formalities.
The price of accommodation in Spain is relatively high. You can request
information from the Sociedad de Tasación [Property Evaluation Society], which
publishes a half-yearly Bulletin that shows average property prices, statistics
on price trends and forecasts. You can also obtain information on property
transactions in Spain from the Fundación Instituto de Propietarios
Extranjeros (Foreign Property Institute Foundation).
Last edited: 02/08
Source: European Union
© European Communities
Reproduction is authorised.
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