We all know that the prices of rent have soared in Spain in recent years, but the new Real Estate Index from property website Fotocasa reveals just by how much. Rents have almost doubled on average in just 10 years, and in numerous places the price increase has been over 100 percent.
The cost of rent has gone from €6.91 /m2 in April 2014 to €12.30 /m2 in the same month of 2024.
This means that an average-sized home of 80 m2 was €553 per month in 2014, compared to €984 in April 2024.
These figures reveal that the price of rent in Spain has increased by a huge 78 percent in 10 years and 24 percent in 5 years.
The regions where rents have gone up the most
All regions in Spain have seen price rises over the past decade, but four of them stand out for rental increases of over 100 percent since 2014, according to Fotocasa data.
These are the Balearic Islands, where costs rose by 158 percent, Valencia with 139 percent, the Canary Islands (137 percent) and Madrid (103 percent).
The price of rental housing in the Balearic Islands has gone from €7.03 /m2 per month in April 2014 to €18.14 /m2 per month in April 2024. This means an average of €562 per month to rent an 80 m2 home in April 2014 compared to €1,451 in April 2024.
The cities/towns where rents have gone up most
The picturesque Costa del Sol town of Estepona, in the province of Málaga, is the only city in Spain where housing increased by a whopping 190 percent since April 2014, the Fotocasa study shows, making it top of the list.
An average 80 m2 apartment in Estepona cost €446 per month 10 years ago and in April 2024, it cost an average of €1,297.
The next town where prices rose the most was in the Alicante town of Gandía, where they increased by an average of 185 percent.
This was followed by another Málaga town - Mijas, with an average rise of 167 percent. At number four was the Costa del Sol resort of Benalmádena where rents rose 159 percent.
It’s interesting to note that three of the top four places are in the province of Málaga. A report last year from property giant Idealista, showed that out of all the cities in Spain prices skyrocketed the Málaga, where they have increased by 23 percent between 2022 and 2023.
At number five on the list of increases over the last 10 years was Palma de Mallorca with an average increase of 155 percent, then Valencia with 150 percent.
Back on the Costa del Sol again, Torremolinos comes in seventh place with 138 percent. Rents in Benidorm on the Costa Blanca also rose by 138 percent, followed by El Campello in Alicante province (137 percent) and Calvià in Mallorca (137 percent), which rounds out the top 10. In the Spanish capital of Madrid, prices shot up by 94 percent.
Where are rents the most expensive now?
While the above list shows where rents soared the most, it doesn’t necessarily mean that they are the most expensive places to live in the country.
Surprisingly, renting an 80 square meter home is most expensive in Calvià, at €1,767, which is even above the average of €1,744 in the city of Barcelona. In neighbouring L'Hospitalet it’s €1,608, while in Madrid renting an apartment will cost you €1,593. Sant Cugat (just outside Barcelona) with €1,590, completes the top five places.
The most expensive neighbourhood in Spain
According to the latest data from property portal Idealista, the most expensive neighbourhood to rent in in the whole of Spain, isn’t the well-heeled barrio of Sarrià-Sant Gervasi in Barcelona or even Salamanca in Madrid, it’s actually Barceloneta.
Barceloneta is Barcelona’s old fisherman’s quarter next to the beach. And what’s surprising about this revelation is that it’s not a traditionally wealthy neighbourhood with stunning Modernista buildings and wide streets, no its streets and apartments are generally very small and often suffer from damp because of the sea air. It also suffers greatly from overtourism, so dirt and noise pollution are commonplace.
Apartments here average €26.7 per square meter, which is 14.8 percent more than in 2022.
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