More than a concern, the rental price of the house has become a real obsession for the left parties. To the extent that Podemos has threatened the government with not supporting the decree-law on urgent housing measures if it does not finally include the initial proposal that allowed large cities to limit the increase in rental prices. The discourse that has guided the political action of both the PSOE and Podemos in this matter is based on the significant increase in prices recorded in recent years in rental prices. However, these increases are close to touching the ceiling. In fact, in the two main markets, Madrid and Barcelona, they are already doing it. According to the idealist real estate website, eLast year the rental price fell by 1% in Barcelona and barely rose by 4.3% in Madrid, with decreases in the last months of the year. Both cities are still the most expensive to rent, with prices of 17.3 euros per square meter in the case of the Catalan city and 16.2 euros in the Madrid, ahead both of the 15.3 euros of San Sebastian . Across Spain, the price increase was 9.3%, compared to 18.4% in 2017.
"The numbers show that there is no rental bubble. Prices have risen in the whole of the State in 2018 but this growth is already very far from those of previous years. In addition, the large rental markets, Madrid and Barcelona, advance the trend of what we will see later ", explains Fernando Encinar, idealist head of studies.
Although the unstoppable rise in rental prices in recent years seemed to have no end, experts had been advancing in recent months that their roof was approaching. His argument to shore up this claim is quite simple. As much as they want to stretch prices, the fact that salaries do not do so to the same extent will prevent a rise in leases "ad infinitum" since there will come a point where the demand can not pay in any way what it is asked. The prices will then have to slow down or even lower. And that moment, at least in Madrid and Barcelona, seems to be coming.
In view of what Encinar calls "normalization scenario", which could in his opinion lead to a "mesetization or even more falls" in prices, the idealist studies chief considers it risky to legislate now "a reality that no longer exists and that can very seriously hurt the growth of the market. There is no data to justify at this time the urgency with which we want to regulate the control of prices, which in fact are already being adjusted in large markets, "explains Encinar.