The price of rental housing in the Canary Islands has seen a significant increase of 19.4 percent in the second quarter of 2023 compared to the same period in the previous year, with the square meter now standing at 12.85 euros per month.
On a national level, the overall price of rented housing in Spain rose by 4.5 percent in June compared to the same month in 2022, based on data from the Fotocasa Real Estate Index. Additionally, the price of rent has risen by 0.5 percent in the second quarter of this year, bringing the average square meter price in Spain to 11.61 euros per month.
Analyzing the data by autonomous community for the second quarter of 2023, it is evident that all 17 regions experienced quarterly increases, with 15 of them also showing year-on-year increases.
Specifically, during June, 11 regions surpassed their maximum prices, with the Balearic Islands leading with 17.16 euros per square meter per month, followed by Madrid (16.70), Catalonia (15.94), Basque Country (14.64), Cantabria (13.16), Canary Islands (12.85), Valencian Community (11.53), Region of Murcia (8.79), Galicia (8.47), Castile and Leon (8.33), and Extremadura (6.36).
In terms of quarterly increases compared to the previous period, only two regions surpassed 10 percent: Cantabria (19.9 percent) and the Region of Murcia (11.4 percent). Following them are Comunidad Valenciana (8.6 percent), La Rioja (8.6 percent), Canarias (8.0 percent), Baleares (7.5 percent), País Vasco (6.2 percent), Galicia (4.3 percent), Andalucía (2.9 percent), Madrid (2.8 percent), and Extremadura (2.3 percent).
Meanwhile, Catalonia (1.7 percent), Castile and Leon (1.3 percent), Castile-La Mancha (1.1 percent), Aragon (1.1 percent), Asturias (0.9 percent), and Navarre (0.8 percent) experienced an increase of less than 2 percent in this second quarter.
BALEARIC ISLANDS WITH THE HIGHEST PRICE PER SQUARE METRE
The Balearic Islands is the autonomous community with the highest square meter price in Spain at the end of the second quarter of 2023, with 17.16 euros per month. Following are the Community of Madrid (16.7 euros per month), Catalonia (15.94), the Basque Country (14.64), Cantabria (13.16), the Canary Islands (12.85), the Community of Valencia (11.53), and Navarre (10.80).
In contrast, regions in Spain where the square meter for rent is less than 10 euros per month include Andalusia (9.79), Aragon (8.93), Region of Murcia (8.79), Asturias (8.66), Galicia (8.47), Castile and Leon (8.33), La Rioja (8.30), Extremadura (6.36), and Castile-La Mancha (6.17).
Regarding provinces, in the second quarter of 2023, 44 recorded quarterly rises and 42 recorded year-on-year increases based on data from the Fotocasa index. The three provinces with quarterly increases of over 10 percent were Cantabria (19.9 percent), Castellón (13.8 percent), and Murcia (11.4 percent).
Conversely, only six provinces showed quarterly decreases: Cuenca (-3.2 percent), Salamanca (-1.9 percent), Albacete (-1.5 percent), Araba-Álava (-1 percent), Lleida (-0.8 percent), and Teruel (-0.7 percent).
In June 2023, rental prices per square meter reached their highest values in the entire historical series in 27 of the 50 provinces (52 percent).
CALVIÀ AND BARCELONA, THE MOST EXPENSIVE MUNICIPALITIES TO RENT IN SPAIN
Calvià and Barcelona are the most expensive municipalities to rent in Spain. Among the 125 Spanish cities analyzed by Fotocasa with quarterly variation in June 2023, 82 percent of them experienced an increase in the price of rental housing per square meter, and in 18 percent of the cities, the price of quarterly housing increased by over 10 percent.
The cities with increases above 15 percent were Castro-Urdiales (47 percent), Motril (45 percent), Paterna (25.9 percent), El Ejido (23.7 percent), Vélez-Málaga (22.9 percent), Aranjuez (20.6 percent), Santa Pola (20.5 percent), Vilanova i la Geltrú (19.1 percent), Mijas (18.9 percent), Benidorm (18.5 percent), Castelldefels (18.4 percent), Cartagena (17.7 percent), Benalmádena (16.2 percent), and Vera (16.2 percent).
Regarding prices per municipality, two cities in Spain exceed the 20 euros per square meter per month rent barrier: Calvià, where 22.36 euros are paid, and Barcelona capital, with 20.5 euros per month.