The supply of rental apartments has fallen by 29% in Galicia over the last four years

The offer of apartments for rent has fallen 29% in Galicia over the last four years, one percentage point more than the national average, according to data from a study published this Tuesday by Idealista. The report, which compares figures for the first quarter of 2019 with the same period in 2023, explains that the biggest reductions in rental stock occurred in the communities of Madrid and Catalonia, with a 41% drop in both. They are followed by Cantabria (-31%) and Galicia (-29%).

By province, In A Coruña, the supply of apartments for rent has fallen by 35% in the last four years, while in Ourense 28% did so. The drop in Pontevedra was 24%. However, in Lugo, stocks increased by 2%.

Increase in the real estate park

Just this Tuesday, the College of Asset Managers of Galicia (Coafga) requested increase the stock of real estate to reduce rental prices and proposed creating a register of debtors in order to give confidence to landlords.

In his view, measures such as setting rental price caps “will further narrow the market, scare off owners and cause a shift to vacation rentals.” For this reason, they called for a long-term Housing Law, agreed upon by the involved actors, society and political groups, in order to mobilize the rental market and give it continuity and security.

“For the current regulations, only the renting of the so-called ‘hot’ or major tourist areas, rather than other places, cities that are subject to the same levies, which will reduce the available rental housing space,” Coafga complained in a statement.