Industry Update: Spain Flooding, Rent Hikes, and Post-Election Relocation Trends

A red weather alert has been issued in Spain just weeks after severe flooding hit the country with thousands evacuating the impact zone.

The warning was issued in Valencia but was lifted Thursday morning after more than 100mm of rain fell in some regions after dozens of emergency call-outs were reported.

Previous flooding has killed over 200 people.

Reports of “decimation” in the province of Malaga after a river burst its banks on Wednesday saw close to 5,000 people evacuated along the Guadalhorce and Vélez River. The province’s hospital also reported being at capacity.

The populated holiday resort on the Costa dev Sol including Marbella experienced an extreme weather event known as “Dana.”

Almost all roads in Valencia have reopened but it is advised to check updates with the Velencia City Council’s Traffic Office.

Antonio Sanz, the Regional Government's Minister of the Presidency, explained: "We have not evacuated entire towns, but rather specific areas linked to the riverbank. This decision has been communicated to the government of Spain in order to receive collaboration from the state security forces and bodies.

The latest report from Daft.ie show that average rents have climbed by over 40pc from pre-Covid levels with rents in Dublin now exceeding well over €2,000.

The Rental Report from the housing agency shows rents in the capital averaging €2,476 in Q3 with rents across the country increasing by an average of 7pc year-on-year.

The number of properties available to rent is just over 2,400 - a fall of 14pc year-on-year.

Rents in Limerick city have risen by 19.2pc in the past year to €2,221 a month while rents in Cork City have skyrocketed to 10.4pc to €2,077.

The report’s author Ronan Lyons stated: “To take a step towards understanding why these trends emerged, we need to take into account what has happened since. Over the course of the year, inflation in rents in the open market in Dublin has steadily increased, doubling from a low of 2.6% to reach 5.2% in the latest report. While still well below the post-covid surge in rents in 2022, there are growing signs of pressure in the capital's rental market.”

Following the US Presidential election, in which former President Donald Trump returned to the White House, a growing number of Americans expressed an interest in international relocation.

According to moveBuddha, a relocation tech company, an over 800pc increase in visits to its article on countries that pay new residents to move was recorded in the days following the vote.

From November 5-6 searches for “how to move out of the country” increased by 854pc with Texans leading the way. The United Kingdom and Italy feature prominently.

Ireland was the top location for the states of Alabama, Colorado, Maine and Indiana.