Rental prices continue to rise in the Canary Islands in April

The Canary Islands is the second region in Spain with the highest increase, as the price of rent grew by 22.5% in April.

The price of rent in the Canary Islands has grown by 22.5 percent in April compared to the same month in 2022, being the second region in Spain where it increased the most, with an average cost of 12.27 euros/m2 per month, according to data from the Real Estate Index published this Tuesday by Fotocasa.

In Spain as a whole, the increase was lower, as rental prices rose by 7.3% in April compared to the same month last year and by 1.2% in its monthly variation. This year-on-year increase of 7.3% was the lowest rate recorded in the last five months, specifically since November 2022, when the price of rent rose by 5.9%.

“Although this increase is no longer double-digit, the price of rental housing again set a new record in the month of April, for the fourth consecutive time in 2023,” the real estate portal stressed. These increases detected at the end of April put the price of rented housing at 11.69 euros per square metre. The reduction in supply, which has increased in the last year and a half, is the main reason for the rise in prices, but also the “great imbalance” between supply and demand, as explained in the report.

In 16 autonomous communities the year-on-year price increased and six of them exceeded double digits, specifically in the Balearic Islands (32.5%), the Canary Islands (22.5%), Valencia (16.5%), Cantabria (14.8%), Madrid (12.8%) and Navarre (11.2%).

In April, eight autonomous communities exceeded their maximum prices and they are: Madrid (16.41 euros per square metre per month), Baleares (16.23 euros/m2 per month), Canarias (12.27 euros/m2 per month), Cantabria (11.35 euros/m2 per month), Comunidad Valenciana (11.02 euros/m2 per month), Navarra (10.99 euros/m2 per month), Andalucía (9.64 euros/m2 per month) and Galicia (8.19 euros/m2 per month).

The order of quarterly increases is led by the Balearic Islands (+12.7%), followed by Cantabria (+6.4%), the Canary Islands (+5.7%), Castilla y León (+5.4%), Madrid (+5.4%), Catalonia (+5.1%), Comunidad Valenciana (+4.8%), Castilla-La Mancha (+3.2%), Andalucía (+3.1%), Navarra (+3.1%), Extremadura (+3.0%), Región de Murcia (+2.9%), Asturias (+2.4%) and Galicia (+2.0%).

As for the price ranking by region, Madrid and the Balearic Islands pay 16.41 euros and 16.23 euros per square metre, respectively. They are followed by Catalonia (15.63 euros/m2 per month), the Basque Country (14.00 euros/m2 per month), the Canary Islands (12.27 euros/m2 per month), Cantabria (11.35 euros/m2 per month), the Valencian Community (11.02 euros/m2 per month) and Navarre (10.99 euros/m2 per month).

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