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Canary Islands’ property rental prices increase by 11.3% in 2023

According to a recent report from the real estate portal Idealista, Spain has seen a 10.1% rise in property rental prices over the past 12 months, with the Canary Islands experiencing an even higher increase of 11.3%.

As 2023 drew to a close, the cost of renting property in Spain reached an average of 12.1 euros per square meter, marking a 2.7% increase from the end of the third quarter, as reported by Idealista. The real estate portal noted a general uptick in rental prices across most markets compared to the previous year.

In a closer look at provincial capitals, 50 of them reported higher rental prices than the year before. Segovia led this surge with a remarkable 24.6% increase in rental costs over the last 12 months. Valencia and Palma weren’t far behind, both witnessing over a 20% rise, followed by notable increases in cities like Alicante, Malaga, Cordoba, Madrid, and Barcelona. Huelva stood out as the sole city experiencing a decrease, albeit a modest 0.5% drop.

Barcelona topped the list as the priciest capital for renters, demanding 20.5 euros per square meter, closely followed by Madrid and San Sebastian. Conversely, Zamora, Ciudad Real, Lugo, and Cáceres were identified as the most affordable cities by Idealista.


Property rental prices increase by 11.3% in 2023

The report further highlighted that rental prices increased across all autonomous communities in 2023. The Balearic Islands, Valencia, Andalusia, the Community of Madrid, and the Canary Islands saw the most significant hikes. Meanwhile, regions like Navarre, the Basque Country, and Aragon experienced the lowest increases.

Madrid emerged as the region with the steepest rents, followed by the Balearic Islands, Catalonia, and the Basque Country. In contrast, Extremadura, Castilla-La Mancha, and Murcia were among the regions with the most economical rental rates.

Idealista’s spokesperson Francisco Iñareta reflected on the year, describing 2023 as challenging for those seeking rental accommodations. With the supply dwindling and no immediate signs of increase, coupled with record-high prices in most markets, the outlook for 2024 remains uncertain for potential renters.

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