The Spanish property market was severly effected in the recent economic crisis, resulting in the actual market for long-term, good quality rented property remaining relatively small compared to many other European countries.
However, rental property is still available for those looking to move to Spain, with many properties being owned by foreigners and rented as short term or holiday accommodation. The market for long term rental accomodation continues to improve in some areas of Spain, with banks putting up repossessed properties for rent.
Legal provisions on renting and letting in Spain are contained in the Law of Urban Lettings (Ley de Arrendamientos Urbanos) of 1994, which applies to rental contracts dated from 1 January 1995. Contracts settled before that date are governed by several rules, which have been modified by the current law of urban lettings.
According to Spanish law, rental contracts are governed firstly by the rental contract and, if there was none, secondly by the Law of Urban Lettings.
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