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Miércoles, 15 de enero 2025, 09:40
The National Institute of Statistics (INE) has released the reference index for the annual update of rental contracts this Wednesday, which stood at 2.28% year-on-year last December, compared to 2.20% in November.
Rental contracts that are set to update their rent from 2025 onwards and have been signed since the Housing Law came into effect on May 25, 2023, must now use this new index created by the INE to review their annual terms.
The statistical body will publish this index monthly, which will be used as a cap for the annual update of housing lease contracts, expressed with two decimals, using the latest available monthly data, which will determine the price at which lease contracts signed after May 2023 will be revalued.
This index jointly considers the CPI, core inflation, and the differences between the annual growth rates of both the CPI and core inflation each month, along with a parameter defined at the proposal of the Directorate General of Economic Policy, which relates to the expected long-term growth of this index.
These differences are subject to a moderating coefficient defined jointly by the Directorate General of Housing and Land of the Ministry of Housing and Urban Agenda and the Directorate General of Economic Policy of the Ministry of Economy, Trade and Enterprise, considering the circumstances of the housing rental market.
Thus, the reference index used as a cap for the annual update of housing lease contracts will be the minimum value between the annual variation rate of the CPI, the annual variation rate of core inflation, and the adjusted average annual variation rate, prepared as provided in the approved methodology.
With the publication of this index, Statistics complies with the eleventh additional provision of the Law on the Right to Housing, which establishes that the body will define, before December 31, 2024, a reference index for the annual update of housing lease contracts, which will be set as a cap to prevent disproportionate increases in the rent of lease contracts.
In 2024, the update of rental annuities was extraordinarily limited to 3% due to price increases resulting from the war in Ukraine.
However, this cap has not been the only limit the Government has approved in response to the inflationary crisis caused by the war in Ukraine. The Executive had already limited, through a Royal Decree-Law, the annual update of lease contracts for 2022 and 2023 based on the Competitiveness Guarantee Index (IGC), which is capped at 2% and can never be lower than 0%.
On the other hand, contracts signed before the entry into force of the Law on the Right to Housing, that is, signed before May 2023, will continue to update their annual rent with the Consumer Price Index (CPI) or IGC data, as stated in the signed rental contract.
According to sources from the Ministry of Housing cited by Europa Press, depending on what tenants have signed in rental contracts prior to May 2023, the annual revaluation of this rent will be done using the inflation data at the date of each update or the IGC, which can never exceed 2%.
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