canary islands

Canary Islands among Spanish regions with highest increase in rental price

Fotocasa, one of Spain's biggest real estate portals, issues an updated report on rental prices in country. According to it, annual rent increases in 46 provinces, in 41 capital cities and in nine out of ten cities analysed.

Europress Archive

According to analisis issued by Fotocasa, the Canary Islands is the third Spanish region with the highest rental price increase, as the interannual variation rises by 15.4% in November, having reached 11.16 €/m2 per month. Overall, it showed that the annual rent increases in 46 provinces, in 41 capital cities and in nine out of ten cities analysed.

The order of the regions of Spain with interannual increases is Comunitat Valenciana (16.6%), Baleares (16.5%), Canarias (15.4%), Madrid (14.0%), Cantabria (10.1%), Navarra (8.4%), Extremadura (8.0%), Galicia (7.9%), Castile and Leon (7.3%), Region of Murcia (5.6%), Andalusia (5.5%), Asturias (5.4%), Catalonia (5.3%), Basque Country (5.1%), Aragon (3.1%), La Rioja (2.9%) and Castile-La Mancha (1.0%).

“Rental prices continue to rise sharply. Increases are occurring in all the autonomous communities and several of them are once again showing all-time high prices, breaking records regarding the cost per square metre. The situation is also complicated in the main provincial capitals, as they are highly sought-after locations, where the supply of rental housing is scarce and where very significant rises are occurring. This situation confirms that the regulatory measures aimed at controlling the price of rents are not effective and, contrary to what they are intended to do, they reduce the supply of rental housing. As a result, the imbalance between supply and demand is so large that the upward price trend will continue in this market for the coming year”, says María Matos, Director of Research and spokesperson for Fotocasa.

As far as the Canary Islands are concerned, the following increases correspond to the provinces of Las Palmas de Gran Canaria (15.3%) and Santa Cruz de Tenerife (13.3%), according to the Fotocasa Real Estate Index.

In terms of prices, the order of the provinces by price is Las Palmas with 11.65 €/m2 per month and Santa Cruz de Tenerife with 10.38 €/m2 per month.

In all of the municipalities analysed, the price of rental properties has increased compared to the previous year. The city of Santa Cruz de Tenerife is the one with the highest increase in November with 20%. It is followed by the cities of Telde (16.1%) and Las Palmas de Gran Canaria (13.1%).

In terms of price per square metre in November, the three cities with the highest prices are Las Palmas de Gran Canaria (12.19 €/m2 per month), Santa Cruz de Tenerife capital (10.79 €/m2 per month) and Telde (9.11 €/m2 per month).

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