Projects under development to build rental housing (BtR) total only 100,000 units currently
MADRID, 15 Feb. (EUROPA PRESS) -
Spain continues to advance at a slower pace than in other European countries in terms of rental housing, according to a report by Atlas Real Estate Analytics, which has calculated that the country needs to increase its rental offer by almost 2 million homes to match the Europe.
Specifically, it requires the construction or rental of 1.83 million additional homes, mainly in regions such as Andalusia (447,139), the Valencian Community (252,683) or Galicia (180,566), while other communities such as Madrid (97,745) or Barcelona (94,952) are in intermediate positions.
The build to rent (BtR) market, which is made up of houses that are built specifically for rent, aims to respond to these needs, although the projects currently underway only reach 97,787 homes throughout the country.
This figure has grown by 15% in the last year, thanks to investor interest in this type of project, the impetus given by large developers and, mainly, public contributions --especially the National Affordable Housing Plan-- , which promotes 58,711 of these homes, with the private sector concentrating the other 39,076 units.
On the private side, the increase is limited to 9% due to the general adverse macroeconomic context and an increase in the mortality of projects in the final stretch of the year, due to the tightening of financing due to the rise in interest rates.
Since 2020, more than 6,500 homes have been transacted in the BtR market for a total value of more than 750 million euros. The report concludes that the promotion of rental housing, especially the affordable segment, is necessary in Spain, since only 8.5% of households live in housing rented below the market price, a figure below the average. of the European Union (9.8%).
At the same time, the current scarce offer in the market has a median price of 1,190 euros per month, which represents an increase of 8.18% over the private rent in each market.
The BtR can provide a solution to these needs, being also more environmentally efficient than the traditional rental park. Specifically, almost 60% of the BtR marketed has an A or B energy certificate, which contrasts with the equivalent 9% in the private rental market.
However, the sector has also gone through a difficult 2022, in which the costs for the promotion of projects have increased by 18.5% since the outbreak of the pandemic, especially in electricity, which shot up a twenty-one%.
Among the large developers, Aedas Homes stands out in first place, concentrating 16.1% of the total portfolio of BtR projects, followed by Neinor Homes (12.8), Kronos (11.8%), Vía Célere (6, 9%), AQ Acentor (5.7%) and Culmia (5.5%).
