New Tensioned Rental Zones in Spain: Impact on Rent in Santiago, Basauri, and Asturias

The Ministry of Housing and Urban Agenda has formalized the expansion of tensioned rental market zones in Spain, a measure with significant repercussions for property owners and tenants. Published in the Official State Gazette (BOE), this declaration includes Santiago de Compostela in Galicia, Basauri in the Basque Country, and various towns and neighborhoods in the Principality of Asturias.

Among the new Asturian additions are areas such as La Arena and Cimadevilla in Gijón, the neighborhood of La Magdalena in Avilés, the town of Luanco in Gozón, and the nuclei of Nueva, Poo, Barro, and Celorio in Llanes. These designations, some requested by city councils like Santiago's, increase the total number of tensioned zones to 317, affecting more than 9.3 million inhabitants across Spain, according to Ministry data.

Being classified as a tensioned residential market zone, under the Housing Law, primarily seeks to contain rental prices and facilitate fairer access to housing. For owners, the most direct implication is that new rental contracts must be set referencing the price of the previous contract. This measure is designed to prevent "disproportionate" increases and is based on official indices such as the State Rental Price Reference System (SERPAVI).

In addition to the limitation on new rental prices, this declaration entails an obligation for public administrations to develop and execute urgent action plans. These plans' primary objective is to increase the supply of rental housing in the designated areas, aiming to rebalance the market within a maximum period of three years. For those looking to rent, this represents an attempt at stabilization in a market that has experienced strong upward pressure. It is crucial for both owners and future tenants to inform themselves about the specifics of this regulation in each affected locality to ensure compliance and the protection of their rights and interests.