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Madrid and Barcelona rents plummet since May, property portal says - Metro US

Madrid and Barcelona rents plummet since May, property portal says

FILE PHOTO: A man walks past a sign that reads "Properties and parking available" on the wall of an apartment complex in Madrid

MADRID (Reuters) – Rents in Barcelona slumped 13% between May and November as the coronavirus pandemic drained Spanish cities of visitors and residents, property portal Idealista said on Tuesday.

The capital Madrid and another tourist hotspot, Palma de Mallorca, were also big losers, with the average rent in both falling 8%. Student towns like Sevilla and Valencia meanwhile saw rents drop 6% to 7% as classes shifted online.

The supply of both residential and vacation property in Spain has shot up since the pandemic struck in March, with hotels and short-term lettings suffering in the absence of tourists and many locals also seeking to move.

(Reporting by Clara-Laeila Laudette, Editing by Inti Landauro and Catherine Evans)

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