In July, the rental prices for housing in the Canary Islands rose by 8.4% compared to the same month last year, reaching an average of 13.98 euros per square metre, according to data from the Fotocasa Real Estate Index.
On a national level, rental prices decreased by 0.5% compared to the previous month but surged by 8.6% year-on-year, reaching an average of 12.59 euros per square metre. This year-on-year increase of 8.6% is the second highest recorded in the past twelve months. Consequently, 15 of the 17 autonomous communities in Spain have reached record highs in rental prices.
For the first time, the average rental price in Spain has surpassed the 1,000 euros per month mark. Maria Matos, Director of Studies and Spokesperson for Fotocasa, noted that this milestone follows two years of significant increases, including the sharpest acceleration in rental prices in the history of the index.
Regional Rental Price Increases
Compared to the previous year, the regions that saw the largest increases in rental prices were Asturias (+17.9%), Madrid (+15.6%), Castilla-La Mancha (+14.8%), Galicia (+11.9%), Murcia (+10.3%), and the Basque Country (+10%). The most expensive regions to rent a property in July were Madrid and the Balearic Islands, with prices at 19.68 euros and 17.64 euros per square metre per month, respectively. They are followed by Catalonia (16.84 euros), the Basque Country (16 euros), the Canary Islands (13.98 euros), Cantabria (13.31 euros), and the Valencian Community (12.47 euros).
Provincial Price Changes
Out of 48 provinces in Spain, 46 experienced year-on-year increases in rental prices in July 2024, with only Burgos and Tarragona remaining unchanged. In 15 provinces, the increases exceeded 10%. The provinces with the highest year-on-year increases included Palencia (+25.1%), Asturias (+17.9%), Cuenca (+17.7%), Ávila (+15.9%), Madrid (+15.6%), and several others with notable increases.
Regarding the cost per square metre, 20 provinces reported prices exceeding 10 euros. The most expensive provinces were Madrid (19.68 euros), Barcelona (18.89 euros), and Guipúzcoa (18.30 euros). Conversely, the most affordable provinces for renting a property were Jaén (6.11 euros) and Ciudad Real (6.14 euros).
