Housing: Rents soar by 50 percent within six years in Spanish cities

The Local Spain
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Housing: Rents soar by 50 percent within six years in Spanish cities
Photo: AFP

A new report by the Bank of Spain has confirmed what anyone who has tried to rent an apartment in one of Spain’s big cities knew already: rental prices have soared.

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The report revealed that since 2013 rents have risen by an average of 40 percent in the biggest Spanish provincial capitals, Madrid, Barcelona, Valencia and cities that are popular tourist destinations such as Malaga, Palma in Mallorca and Santa Cruz de Tenerife.

El Banco de España alerta de una subida del 50% en el precio del alquiler desde 2013

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Meanwhile in less popular cities, especially those in the interior of Spain, rents have risen by an average of 10 percent since the last quarter of 2013.

READ MORE:  What you need to know about Spain's new rental laws

Palma de Mallorca has seen the largest growth with rents soaring by 55 percent since 2013, followed by Barcelona at 50 percent and Malaga at 45 percent.

The report showed that in ten years the number of properties available to rent had increased from 19.4 percent in 2008, just after the boom and bust of Spain’s construction industry to 23.9 percent in 2018.

Those regions with the biggest share of rental properties are the Balearic Islands, Catalonia, Madrid and the Canary Islands. Although the report didn't go into detail about the cause of the rents, it will strengthen the argument that tourist flats have driven up rents and priced out locals.

READ ALSO: Why rising rents across Spain are causing a new crisis




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