If youÃ¢â¬â¢re buying a property in Spain with a view to renting it out, it pays to do your research. ThatÃ¢â¬â¢s the view of a leading Spanish property expert who has highlighted recent research from the Daily Mail showing the vast differences in the average rental income generated by homes in different regions of Spain.
Keep reading to find out more about which areas of Spain generate the highest rental income.
Costa Brava property generates the best rental income
The Daily Mail recently undertook research to compare the average weekly rental rates for three bedroom properties in popular Spanish destinations. The rates take into account all times of year and all types of property and reveal which areas of Spain perform better than others.
It found that renting a property in the Balearic Islands generated significantly higher income than homes in other popular tourist destinations. The average weekly rental rate in Majorca was ÃÂ£956 while in Minorca it was ÃÂ£945. The average rate was even higher (ÃÂ£1,062) in northern Majorca's upmarket Pollensa area.
This is compared to ÃÂ£626 on the Costa Blanca, ÃÂ£659 on the Costa del Sol and ÃÂ£743 in Lanzarote.
These figures show the important of doing your research when you are considering buying a rental property in Spain, With rents in some areas a third higher than in others, picking the right spot for your property investment can make a significant difference to your income.
The research also found that the Costa Brava generated significantly higher rents than other popular seaside destinations. At ÃÂ£968, this region generated the highest rental income, in part due to its location just 90 minutes south of the popular city of Barcelona.
Island destinations also generate good rental income, While the supply of property may be more limited, the Balearics and the Canaries are popular tourist destinations and can help you to generate a good return on your investment.
Author : Nick Marr