In recent years, the rental market in coastal regions of the Canary Islands has seen a dramatic surge in prices, reflecting broader trends observed across Spain‘s most sought-after seaside destinations. Among these, San Bartolomé de Tirajana, located in the south of Gran Canaria, has emerged as the most expensive area to rent on the islands.
According to the latest data from the Fotocasa Real Estate Index, the average rental price in this municipality has reached an impressive 20.03 euros per square meter per month. This places San Bartolomé de Tirajana not only at the top in the Canary Islands but also among the priciest rental markets nationwide, comparable to upscale regions such as Calvià in the Balearic Islands and central Barcelona.
This significant price increase, which has seen costs double or even triple over the past decade, is driven by several key factors. San Bartolomé de Tirajana, known for its stunning beaches like Playa del Inglés and Maspalomas, draws a constant influx of tourists and temporary residents year-round. This relentless demand, coupled with a limited supply of available properties, has fueled fierce competition among potential renters, pushing prices to new heights.
The situation in San Bartolomé de Tirajana is indicative of a broader trend in coastal Spain, where more than 55% of coastal cities analyzed by Fotocasa now exceed the national average rental price, which stood at 12.65 euros per square meter in June 2024. The high desirability of these areas for both vacationers and those seeking a seasonal residence has placed further pressure on the housing market, leading to unprecedented rental costs.
In stark contrast, some coastal municipalities in Spain remain far more affordable. For example, in cities like Burriana, Ferrol, and Elche, rental prices are below 8 euros per square meter per month, showcasing the disparity in the cost of living between different coastal regions.
Maria Matos, Director of Research and Spokesperson for Fotocasa, emphasizes that the allure of coastal living, with its promise of picturesque landscapes and an enviable climate, combined with the limited availability of rental properties, significantly contributes to the elevated rental prices in these sought-after locations. This dynamic is particularly pronounced in tourist hotspots like San Bartolomé de Tirajana, where the intersection of high demand and limited supply continues to drive the market upwards.
Overall, the rental landscape in Spain’s coastal regions is becoming increasingly polarized, with areas like San Bartolomé de Tirajana exemplifying the upper end of the market, while other regions still offer more affordable options for those looking to live by the sea. As the demand for coastal living continues to rise, these trends are likely to persist, making it crucial for potential renters to carefully consider their options.
