The rental housing prices in the Canary Islands saw a significant uptick of 10.8 percent compared to February 2023, reaching an average of 12.91 euros per square metre, based on data from the Fotocasa Real Estate Index.
This year-on-year increase marks the lowest observed in the last 17 months since October 2022. Additionally, monthly data reveals a modest 0.8 percent rise in rental prices on the islands.
Spain as a whole experienced a notable 7.3 percent year-on-year increase in rental housing prices for February, reaching 12.27 euros per square metre. This surpasses the 12 euros per square metre mark for the first time in the last 17 years since 2006. Monthly variations also saw a significant 4.2 percent uptick in rental costs.
María Matos, the Director of Studies and spokesperson for Fotocasa, expressed concern over the unprecedented surge in rental prices, highlighting that since the records began in 2006, the cost of rent had never exceeded 12 euros per square metre. She warned that the market continues to escalate to concerning levels.
All communities in Spain witnessed price hikes in February, with eight communities exceeding double-digit increases, including La Rioja (15.2%), Madrid (15.0%), and the Balearic Islands (14.4%).
Fotocasa pointed out nine communities that surpassed the maximum rental prices per square metre per month in February, including Catalonia at 16.45 euros, Madrid at 18.29 euros, and the Balearic Islands at 17.19 euros.
MADRID AND THE BALEARIC ISLANDS, THE MOST EXPENSIVE IN SPAIN
Madrid and the Balearic Islands ranked as the most expensive autonomous communities for renting a property, with prices reaching 18.29 euros and 17.19 euros per square metre, respectively. Additionally, several regions, including Catalonia, the Basque Country, and the Canary Islands, witnessed rental prices exceeding 10 euros per square metre per month.
In terms of provincial capitals, 40 out of 42 experienced year-on-year rental price rises, with 25 capitals witnessing double-digit increases. Fourteen capitals exceeded maximum rental prices per square metre in February, with Barcelona leading at 21.32 euros, followed by Madrid at 19.69 euros. Other notable cities include Girona, Malaga, Santa Cruz de Tenerife, and Seville.
