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Some wealthy Europeans who have residential real estate in Spain have started renting out their real estate, as they cannot visit the country in the current situation. In many cases, these houses are their «secondary housing» or long-term vacation homes. Most often they are located in exclusive, elite urbanizations.
Experts point out that Europeans have never been in favor of providing their own for rent, but the current situation requires them to change their habits.
They can no longer send and receive funds from Europe, but since they need liquidity to cover expenses and be able to pay for accommodation, maintenance and even a mortgage, they need to find new sources of income. Including renting out their real estate.
Such Europeans believe that the trend of transferring existing real estate for rent for earnings may increase, and the number of rental properties will increase if the situation continues to develop in the same direction.
Javier Gomez, a representative of the real estate agency Cala Marquesa, explains: «Seeing that they cannot transfer funds between Europe and Spain, they are beginning to be in increasing need of liquidity in order to be able to cover all the costs of a second home [which at the moment may just be idle]».
At the same time, the Spanish government approved a royal decree to speed up the process of arresting houses or yachts, or other property belonging to European wealthy people. The new decree seeks to eliminate the existing difficulties for the executive power to confiscate the assets of oligarchs, including due to the legal registration of these assets to figureheads or nominal owners.