In May, the municipality of Santa Cruz de Tenerife in the Canary Islands experienced a significant 23.3% increase in rental prices, despite a national decrease of 1.5% and a regional drop of 7.6% in the same period, according to data from the Fotocasa Real Estate Index.
While rental prices in the Canary Islands generally fell to an average of €13.63 per square meter per month, Santa Cruz de Tenerife saw a stark contrast with its substantial rise. Across Spain, rental prices varied, with some communities like Asturias and Madrid seeing increases of 16.6% and 14.2%, respectively. Other regions also noted changes, albeit at a slower pace, with Catalonia experiencing the smallest increase of just 0.8%.
Notably, eight Spanish regions have surpassed their historical maximum rental prices per square meter per month, with the Balearic Islands leading at €18.75, followed closely by Madrid at €18.69, and the Basque Country at €15.59. The Canary Islands ranked fifth with a price of €13.63.
In terms of provinces, both Santa Cruz de Tenerife and Las Palmas reported year-on-year increases, with Las Palmas at a more moderate 6.0%. Among municipalities, aside from Santa Cruz de Tenerife’s notable 23.3% increase, Las Palmas de Gran Canaria also saw a rise, albeit a smaller one of 4.5%.
Rental prices per square meter in May showed Arona as the most expensive within the islands at €17.69, followed by Las Palmas de Gran Canaria at €14.07, and Santa Cruz de Tenerife at €12.90, illustrating the varied and dynamic nature of the rental market within the Canary Islands.
