|Subject: Re: European rental accommodation prices plunge|
Hi Frances and Ziners,
I live in Southern Spain and especially this year, there are certainly not many tourists around, staying in hotels, apartments and villas. Sure, it is very busy but like you say, a lot of people do own (second) homes here now and are not staying in hotels anymore. This for me begs the question, why they are opening up another 17 4-5 star hotels in Malaga province alone in the next year....
I am not aware of rental prices having gone down yet. There is a lot of availability in private rental accommodation as well, and I have the feeling that these home owners are definitely asking too much money, considering the rental climate we are in at the moment. To give you an example: I had a client last month looking for a 5 bedroom villa, close to Marbella. When I approached a rental company, I was quoted 17000 euro for the villa rental for the 2 weeks. Although in Marbella, and although in high season, I thought this to be a little but much.
I am sure that rental prices will come down for next year, because nobody would want an empty apartment....
Bard Arroyo de la Miel (Spain)