The price of rental housing in Canary Islands rose by 0.8% on a monthly basis and 10.8% year-on-year, with the price reaching €12.91/m2 per month in February, according to data from the Fotocasa Real Estate Index. This 10.8% year-on-year increase is the lowest detected in the last 17 months, since October 2022.
When analysing rental prices compared to a year ago, all regions saw a year-on-year price increase in February. Eight regions saw double-digit increases, specifically in La Rioja (15.2%), Madrid (15.0%), Balearic Islands (14.4%), Valencian Community (13.9%), Cantabria (12.8%), Asturias (11.3%), Canary Islands (10.8%), and Castilla-La Mancha (10.0%). Following them are Andalusia (8.9%), Galicia (8.7%), Basque Country (8.2%), Extremadura (7.8%), Castile and León (7.6%), Navarre (7.3%), Catalonia (6.1%), Aragon (5.2%), and Murcia Region (8.1%).
By February 2024, nine regions have exceeded the maximum rental prices per square meter per month. The regions in Spain with the highest prices in the entire historical series are: Extremadura at €6.67/m2 per month, Castile and León at €8.64/m2 per month, Galicia at €8.88/m2 per month, Asturias at €9.56/m2 per month, Andalusia at €10.35/m2 per month, Valencian Community at €11.73/m2 per month, Catalonia at €16.45/m2 per month, Balearic Islands at €17.19/m2 per month, and Madrid at €18.29/m2 per month.
Regarding the ranking of Autonomous Communities with the highest housing prices for renting a property in Spain, Madrid and the Balearic Islands top the list, with prices of €18.29/m2 per month and €17.19/m2 per month, respectively. They are followed by seven more communities with prices above €10.00/m2 per month: Madrid at €18.29/m2 per month, Balearic Islands at €17.19/m2 per month, Catalonia at €16.45/m2 per month, Basque Country at €15.26/m2 per month, Canary Islands at €12.91/m2 per month, Cantabria at €12.01/m2 per month, Valencian Community at €11.73/m2 per month, Navarre at €11.31/m2 per month, and Andalusia at €10.35/m2 per month.
PROVINCES AND MUNICIPALITIES.
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In the two Canary provinces, the year-on-year price of rental housing increased in February 2024. The order of provinces with year-on-year increases is Santa Cruz de Tenerife (12.8%) and Las Palmas (10.4%). In terms of prices, the province order is Las Palmas at €13.12/m2 per month and Santa Cruz de Tenerife at €12.67/m2 per month.
In two analysed municipalities, the rental housing prices have increased compared to the previous year. The city of Santa Cruz de Tenerife saw the highest increases in February at 32.2%, followed by Las Palmas de Gran Canaria at 11.7%.
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Regarding the price per square meter in February, Las Palmas de Gran Canaria is the most expensive city for renting at a price of €13.70 per square meter, followed by Santa Cruz de Tenerife at €13.01/m2 per month.
