In the first half of the year, rental prices for apartments in the Canary Islands surged by an average of 18.33%, marking the highest increase in the country. As of June, the average rental rate reached €12.78 per square meter, representing an 18.33% rise over six months—the steepest nationwide—and a 32.02% increase compared to June of the previous year.
The Canary Islands also recorded the highest monthly and quarterly increases, at 2.90% and 8.58% respectively, according to the semi-annual rental price report from pisos.com. This placed the Canary Islands fourth in terms of the most expensive monthly rents for tenants, just behind the Balearic Islands, where the average was €17.57 per square meter.
Nationally, the average rent in Spain stood at €11.73 per square meter in June, showing increases across all metrics: 0.95% monthly, 2.53% quarterly, 5.49% semi-annually, and 7.61% annually.
Ferran Font, Director of Research at pisos.com, noted, “Finding a rental apartment that fits within a monthly budget is a headache for many. The escalation in rents appears limitless, delaying young people’s move out of the family home and complicating current tenants’ efforts to find a place that better suits their preferences or is better equipped.”
He added that cooperation between various administrations and developers is starting to pay off, with promising plans for developing affordable housing emerging. “These agreements are excellent news,” Font stated, “but even with accelerated efforts, some markets urgently need solutions to rejuvenate supply.” He emphasized the importance of providing landlords with assurances that they can reclaim their properties in cases of non-payment, vandalism, or phenomena like squatting.
Regarding regional specifics, Las Palmas saw the highest growth rate in the country at 18.72% since December of the previous year, followed by Santa Cruz de Tenerife at 18.18%. Year-over-year, these locations retained their rankings: Las Palmas at 37.38% and Santa Cruz de Tenerife at 28.57%. With a rate of €13.63 per square meter in June, Las Palmas was the fourth most expensive province in Spain, while Santa Cruz de Tenerife, at €11.70 per square meter, ranked sixth.
In the capital cities of the Canary Islands, Santa Cruz de Tenerife recorded the fourth highest semi-annual national increase at 12.20%. Las Palmas de Gran Canaria had a more modest rise at 6.78%. Annually, Las Palmas de Gran Canaria was the third fastest growing Spanish capital at 23.29%, and Santa Cruz de Tenerife was fifth at 22.97%.
In terms of average monthly rents, Las Palmas de Gran Canaria was the eighth most expensive capital in Spain at €14.83 per square meter, while Santa Cruz de Tenerife was slightly more affordable at €12.70 per square meter.
