Costa News Spain Breaking News | English News in Spain.
A study by the Chartered Institute of Real Estate (CIRE) shows that rental property prices increased 14.1% from a year ago to July. Fotocasa Property portal.
The average price comes in at €14.37 per square metre meaning that the rent for a small 80 m2 flat has gone up by €142 per month to an average charge of €1,150.
Although big cities and tourist areas are some of the most expensive places to live, the problem spreads throughout Spain.
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Fotocasa’s Maria Matos said, “This sustained rise in rental prices has a direct effect on the economy of thousands families who are experiencing increasing problems.”
The issue of demand and supply, particularly in metropolitan areas and large cities, continues to drive prices higher. Matos continued, “The shortage of supply coupled with the growing demand is driving up rental prices in Spain.”
All regions saw rental price increases compared to July 2024.
Catalunya (21.2%), Castilla La Mancha (13.3%) La Rioja (12.9%), Valencian Community (11.8%), Andalucia (10.8%) and Aragon (10.0%) have seen the biggest increases.
Madrid, Catalunya (including the Balearic Islands), the Basque Country, and the Canary Islands also have solidified their position as the most popular destinations. expensive regions for rentals, with prices above €15 euros per m2.
Barcelona renters have seen of the biggest hikes as in just a year, monthly rents have risen by €154-. €12 above the national average, with rentals up by 8.9% last month compared to July 2024.
It means tenants have gone from paying €1,720 on average for a 80 m2 property to €1,874 per month.
Madrid, meanwhile, has seen a 6.4% increase.
The Olive Press has more property news. Click here to view them.
