Tourist rentals flounder in Spain

Foreign property investors in Spain are feeling the pinch as some figures show that fewer tourists have booked properties for their holidays this year.

Places such as the Costa del Sol are the worst hit with far higher numbers of properties still available for rent than at this time over the past few years. It appears that many holidaymakers are holding off on booking and paying a deposit and are instead trawling around to try and find the most for their money, with some leaving their apartment bookings until the very last moment in the hope of picking up a rental bargain.

Marbella is one of the only popular tourist destinations in Spain which appears to have escaped the rental drought with more bookings than in previous years. However, it isn’t all good news for property investors in the area as there are more and more rental properties coming onto the market, meaning increasing competition and therefore stagnant rental prices.

Property investors in Valencia are also having to tread carefully to ensure they comply with new regulations – a new structure of fines has been introduced to control the rental of holiday apartments to tourists on the Costa Blanca. All adverts for rental properties, including those on the internet, must show a valid registration number which is provided by the ministry of tourism. The Costa Blanca tourist apartments association are actively monitoring adverts and will be reporting any owner, company or rental agency which fails to comply with the new legislation.

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