It seems like a contradiction, but it’s pure reality. One in five homes in the state of Alicante are vacant despite a large unmet demand for rentR. However, as with almost everything, there is an explanation for this. Legal distrust of landlords when it comes to renting and the need for reform in many of these homes are the main reasons for this. There are currently at least 209,000 vacant flats. Torrevieja, Orihuela and Alicante are at the top of this ranking, but in almost all municipalities this figure is very high and allows to meet the needs of many families.
Rental market in Alicante province exposed to strong tensions. And all of this is due to a lack of supply; This led to prices reaching an all-time high of around 1,008 euros, almost 30% more than at the beginning of the year. But to give a few examples, this is only the average every time the cost exceeds 1,300 euros in Alicante, 1,800 euros in Benidorm and even 2,500 euros in Finestrat.
What is surprising in the case is that these tensions are unfolding in an environment where there are so many vacant homes and their owners have not decided to rent them. According to the latest data published by the National Institute of Statistics (INE) based on energy consumption, There are at least 209,000 vacant houses in the total census of 1,350,000 houses in the province. This figure will rise to 596 thousand when the residences used more or less as second homes are included.
However, when focusing only on people the INE accredits as unemployed, it should be noted that: Torrevieja is at the forefront of this statistic, with 30,639 vacant homes. They are followed by Orihuela with 24 thousand 109 people and Alicante with 15 thousand 733 people.. Then there is Elche with 9,585 people; Benidorm with 8,658 people; Santa Pola with 7,526 people; Dénia with 5,551; Guardamar del Segura with 5,431 people; Calp with 4,719; and Alcoy with 4,450. Further back, they are on the Xàbia list with 3,973 points; Elda with 2,453; and San Vicente del Raspeig with 1617.
The contradiction is therefore all too obvious, given that the owners of these apartments are not currently taking advantage of the high prices paid for rents, yes, prices that would tend to fall if only some of these floors were renovated. injected into the market.
So what are the reasons why these houses are left empty without their owners getting the minimum economic return? A study by Fotocasa highlights the condition of the properties. María Matos, Research Director of this real estate portal, highlights: «Those with vacant homes do this because the property cannot currently be rented or sold due to its condition.».
He also adds that a substantial part property owners assure that they have concerns or fears preventing these homes from being put on the market. “Their nightmares range from tenants not paying them, mistreating the house, or even losing it. That’s why they prefer to keep them blank,” he argues.
punitive policies.
In this sense and as can be seen from this study, owners resort to greater legal certainty that protects them in the event of non-payment or occupation. They also think that tax incentives and rehabilitation benefits can be positive measures to help them get their properties rented or put up for sale. They also emphasize that punitive policies create more distrust and scare off potential investors, citing the latest law passed by the central government.
Some real estate agents in Alicante take a similar view. Juan Carlos Sempere, director of the Abaco agency, points out that the reason for the increase in prices is the lack of supply, such that there are houses in stock that cannot last even 24 hours. He states that one of the main factors that causes vacant properties not to be on the market is legal insecurity. «Owners are afraid of defaultsBut in reality, this is a problem that can be solved with rental insurance,” says the expert.
Pedro Casamayor from the real estate agency of the same name also expresses himself in similar terms. “People don’t trust them, they’re afraid when they’re renting, so they prefer to keep the houses empty, put up for direct sale, or set aside for tourist rentals.”
Although insecurity and the need for reform are the main factors that cause these real estates not to be on the market, there are other issues in Fotocasa’s study. For this reason, There are owners who claim that the house is vacant because they have inherited it and do not accept the use they will give.R. There are also those who say that a relative, friend or acquaintance will occupy this place soon, or who guarantee that they are working on it.
Added to this are other excuses, such as occasional use as a second home, not entering the home for four years or more, or previous bad experiences with a family member or acquaintance who left the rent unpaid.
Personal reasons for moving to other cities are also discussedlawsuits, unattractive places with low demand, or health, addiction or social emergency issues.
The real estate portal, on the other hand, makes an analysis according to autonomous communities and comes to the following conclusion: The region with the most vacant houses is the Community of Valencia, followed by Catalonia and Andalusia.. Interestingly, Madrid has the least number of vacant properties.
The report also shows that Whether or not a vacant house is available is largely dependent on the number of properties owned.. Therefore, only 1% of individuals who own a single house (which is 80%) keep their house empty. The figure is slightly higher for 16% of property owners with two homes, as 8% of them have vacant homes. Finally, 27% of the 4% property owners with three or more homes keep some of their properties vacant.