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RENTING

How much does it cost to rent a room in Spain in 2021?

Renting your own place can be expensive in Spain compared with average salaries, so many people cut costs by renting a room in a shared apartment. How much does it actually cost and where is sharing a flat cheapest in Spain?

How much does it cost to rent a room in Spain in 2021?
How much does it cost ro rent a room in Spain? Photo: Ina FASSBENDER / AFP

The average price for renting a room in a shared flat in Spain at the end of 2020 was 269.49 per month, according to Pisos.com. 

During the Covid-19 pandemic, however, rental prices have decreased rapidly. A study by Spanish property portal Idealista revealed that between May and November last year, Barcelona saw the sharpest fall in rents with prices per square metre slumping by 13 percent. 

READ ALSO: Where in Spain have rental prices dropped the most in coronavirus crisis?

According to the Rentger blog by Idealista, rental prices continued to fall in the first quarter of 2021 by 1.9 percent. 

But, it seems it’s not just the pandemic which has caused rents to decrease. In 2019, the average price for a room per month was 287.45 and in 2018 it was at 292.18, so it seems that prices were already on a downward trend. 

Where are the most expensive places to rent a room in Spain?

Unsurprisingly, Barcelona and Madrid are the two most expensive cities to rent a room in Spain. Pisos.com revealed that the average price for a room in Barcelona is 453.91 per month, while in Madrid it will set you back 426.88 per month on average.

This is mainly due to the fact that property is more expensive in these cities and the salaries are also higher. In fact, 43,78 percent of the demand for rooms in shared flats is in the provinces of Madrid and Barcelona.

READ ALSO – RANKED: Where are workers’ salaries highest and lowest in Spain?

READ ALSO: What you should know about renting an apartment in Barcelona

Other expensive cities to rent a room in Spain include places in the north of the country, particularly in the Basque Country, the Balearic Islands and Catalonia. Rooms in San Sebastián are the third most expensive at an average of 423.02 per month, while in Palma de Mallorca a room will cost you an average of 403.52 per month.

Where are the most expensive places to rent a room in Spain? Image: Pisos.com

Bilbao, Girona, Vitoria-Gasteiz and Las Palmas de Gran Canaria also all feature in the top 10 most expensive places to rent a room in Spain.

In Andalusia, the two most expensive cities to rent a room are Malaga and Cádiz at 316.74 and 305 respectively.

Where are the cheapest places to rent a room in Spain? 

On the other side of the scale, the cheapest places to rent a room in Spain can be found in the regions of Castilla-La Mancha, Galicia and Extremadura.

Ciudad Real in Castilla-La Mancha is the cheapest place to rent a room at an average of 157.24, followed by Lugo in Galicia at 167.95. Badajoz, Palencia, Cuenca and Ourense also all feature in the top 10 cheapest cities to rent a room in Spain.

Jaén is the cheapest city to rent a room in Andalusia at 201 per month.

Cheapest places to rent a room in Spain. Image: Pisos.com

Which places have the highest amount of shared flats available?

Barcelona and Madrid may be the most expensive places to rent a room in a shared flat, but they also have the highest amount of shared apartments available. In Barcelona, 14.45 percent of the apartments are shared, while in Madrid 13.94 percent of the apartments are shared. 

READ ALSO: Moving to Barcelona: A guide to the best neighbourhoods to live in

Valencia, Seville and Granada also have more flatshares available than other Spanish cities at 4.60 percent, 4.35 percent and 3.45 percent respectively. This is likely to be due to the fact that these cities have big student populations and are popular with foreigners coming to live in Spain for a few months to learn the language or experience living in another country. 

READ ALSO – Moving to Valencia: A guide to the best neighbourhoods to live in

Where is the greatest demand for room rentals in Spain? Image: Piso Compartido

Who is living in flatshares in Spain?

Also unsurprisingly, renting a room in a flatshare is more in demand among Spain’s younger population. 51.24 percent of those aged 18-25 are looking to rent a room, while 29.22 percent of those aged 26-35 want to rent one. There are also slightly more females looking for flatshares than males in Spain. 54.90 percent of those are female and 45.10 percent are male. 

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TAXES

What’s the inheritance tax in each region of Spain?

Inheritance tax varies greatly in Spain depending on what region you or your relations live in. Find out what the rates are in your area in 2022.

What's the inheritance tax in each region of Spain?

Spain’s inheritance or succession tax, known as ‘impuesto de sucesiones‘ is both complex and controversial, but it’s important to understand how it works in order to avoid any unfortunate financial surprises when a loved one with a connection to Spain passes away. 

Spanish inheritance tax is decided by the Spanish State but all of the country’s 17 regions have the right to change these rules to make them more beneficial or detrimental to heirs, luckily the general trend is towards the former. 

The succession tax rates will differ depending on how much is inherited, ranging from 7.65 percent on the first €7,933 up to 34 percent on €797,555+. 

There are many factors to consider, such as which category heirs and other beneficiaries fall into, or the fact that in Spain the spouse of the deceased is also subject to inheritance tax, which is not the case in the UK and many other countries.

What are the different groups of heirs in Spain?

As mentioned above, there are several categories or groups that heirs can fall into and this will depend on how much allowance they can benefit from. The groups are the following:

Group 1: Children under 21 years of age

Group 2: Children over 21 years of age, spouses and parents

Group 3: Siblings, nieces, nephews, as well as aunts and uncles

Group 4: Cousins or more distant relations

EXPLAINED: How choosing the right region in Spain can save you thousands in inheritance tax

What are the inheritance rates in my region?

Andalusia

In Andalusia, the inheritance tax rate varies between 7 percent and 36 percent, depending on the value of the inheritance. However, recently the Andalusian government approved, through a Royal Decree, a reduction of 99 percent, both for inheritance and gift tax for those who are included in groups 1 and 2.

Aragón

In Aragón there is 100 percent discount on the tax base, with a limit of €3,000,000 for descendants under the age of 21 or for those that have a disability. In addition, the spouse, parents or descendants of the deceased may also benefit from a reduction of 100 percent of the tax base.

Asturias

In Asturias there is an allowance of €300,000 for those groups 1 and 2. For all other groups, it establishes various reductions included in the state regulations. In addition, in case of inheriting a home, the bonus will be between 95 and 99 percent, depending on its value.

Balearic Islands

In the Balearic Islands, for those in groups 1 and 2, deductions of €25,000 are applied, plus €6,250 per year that the taxpayer is under the age of 21, up to a maximum of €50,000. For those in group 3, a deduction of €8,000 is applied and for those in group 4, it’s €1,000. An allowance of €48,000 will also be made for those with disabilities.

Basque Country

For those in groups 1 and 2 in the Basque Country, inheritances with an amount less than €400,000 are not required to pay taxes. When the amount is greater than €400,000, a tax rate of 1.5 percent will be applied.

READ ALSO: Why you should move to this region in Spain if you want to pay less tax

Canary Islands
Those in group 1 get an allowance of €47,859, while those in group 2 get an allowance of €15,957. Those in group 3 will get €7,993, while those in group 4 get no allowance at all. After the deduction, inheritance tax rates are calculated on the remaining balance which range between 7.65 percent and 34 percent on anything above €797,555.

Cantabria

For those in group 1, there is a reduction of €50,000 plus €5,000 for each year the taxpayer is under 21. For those in group 2, it’s also €50,000 and for those in group 3, it’s €25,000.

Castilla La-Mancha

In Castilla La-Mancha those in groups 1 and 2 will benefit from discounts ranging from 80 percent to 100 percent, depending on the amount of the payable base.

Castilla y León

Castilla y León allows reductions for children spouses and parents. Those in groups 1 and 2 will benefit from an allowance of €60,000. An additional reduction of €6,000 will be applied for each year the taxpayer is under the age of 21. A variable reduction will also be applied, which is calculated as the difference between €400,000, plus the sum of the previous amounts and the state deductions.

Catalonia

In Catalonia, spouses will receive a bonus of 99 percent and the rest of the heirs in groups 1 and 2 may apply a bonus that varies between 57 percent and 99 percent, depending on the tax base.

Extremadura

A bonus of 99 percent is applied for amounts of up to €300,000 euros between parents, children and spouses.  

Galicia

In Galicia, heirs in group 1 have an allowance on amounts up to €1,000,000, plus there is a reduction of €100,000 for each year the beneficiary is younger than 21, with a limit of €1,500,000. For those in group 2, the reduction varies between €900,000 and €400,000, depending on the taxpayer’s age. In the cases of groups 3 and 4, the bonus will be €16,000 or €8,000. The applicable rate in Galicia stands at between 5 and 18 percent, which is well below the rest of the regions. 

La Rioja

Those who inherit in La Rioja benefit from a deduction of 99 percent of the tax quota if the tax base is less than or equal to €500,000. The deduction will be 98 percent for amounts that exceed €500,000.

Madrid

Madrid applies a discount of 99 percent of the tax quota for taxpayers included in groups 1 and 2. In addition, for the heirs included in group 3, it establishes a discount of 15 percent or 10 percent, depending on what relation they are to the deceased.

Murcia

In the region of Murcia, the law includes a deduction of 99 percent for those in groups 1 and 2. Likewise, for the rest of the heirs, it also recognises different reductions depending when the money is inherited and the amount to be received.

Navarre

In Navarre no discounts are applied, but how much tax varies according to what group you fall under. Spouses for example have a rate of 0 percent up to €250,000, and 0.80 percent from there upwards. In the case of descents and parents, the applicable rate varies between 2 percent and 16 percent.

Valencia

In Valencia discounts of 75 percent are applied for those in group 1 or 50 percent for those in group 2. In case the of those with disabilities, the taxpayer will also receive a bonus of 75 percent.

Case study example

For example, in the case of a 30-year-old son who inherits assets worth €800,000 euros, the most amount of tax would be paid in Asturias, with at €103,135.48; followed by Castilla y León €81,018.76; Valencian €63,193.76; Aragon €55,466.81; La Rioja €32,342.86; Castilla-La Mancha €31,759.23 and the Canary Islands €31,748.63. 

These regions would be followed by Navarre €17,000; Catalonia €9,796.89; the Balearic Islands €5,950; the Basque Country €3,150; Murcia €1,640.49; Extremadura €1,587.96 and Madrid €1,586.04). Andalusia, Cantabria and Galicia have a net quota of 0.

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