The rental price in the Canary Islands dropped by 0.9% in May compared to the previous month and by 7.6% in its year-on-year variation, setting the price at €13.63/m2, according to data from the Fotocasa Real Estate Index.
In the two Canary provinces, the annual rental price increased in May: by 10.5% in Santa Cruz de Tenerife (€13.40/m2) and by 6% in the province of Las Palmas (€13.84/m2).
On the other hand, the city of Santa Cruz de Tenerife is the one with the highest increases in May at 23.3%, followed by Las Palmas de Gran Canaria (4.5%).
Regarding the price per square meter in May, highlights include Arona at €17.69/m2 per month, Las Palmas de Gran Canaria at €14.07/m2 per month, and Santa Cruz de Tenerife at €12.90/m2 per month.
Nationally, the rental price decreased by 1.5% in May, marking the second decline of the year, to €12.12 per square meter. Despite the decrease compared to April, the rental price has increased by 4% compared to May 2023.
Although the monthly variation may indicate a trend towards moderation, “the rental price continues to rise nationally,” said Fotocasa’s Director of Studies and spokesperson, María Matos.
Thus, all autonomous communities have recorded an increase in rental prices on an annual basis, led by Asturias (16.6%), Madrid (14.2%), Castilla-La Mancha (13.0%), Balearic Islands (13.0%), and Galicia (11.2%).
They are followed by the regions of the Basque Country (9.8%), Extremadura (9.6%), Cantabria (9.4%), Valencian Community (8.9%), Castile and León (8.5%), the Canary Islands (7.6%), Andalusia (7.2%), Region of Murcia (7.1%), Aragon (5.8%), Navarre (4.1%), La Rioja (3.3%), and Catalonia (0.8%).
Thus, eight communities now exceed the maximum rental prices per square meter per month, led by the Balearic Islands at €18.75 per square meter per month, Madrid (€18.69) and Basque Country (€15.59).
They are followed by Cantabria at €13.34 per square meter per month, Valencian Community (€12.16), Asturias (€10.12), Galicia (€9.31), and Extremadura (€6.86).
Likewise, the rental price increased on an annual basis in May in all provinces, except Jaén and Huelva. The biggest increases were in Girona (20.3%), Cáceres (20.2%), Asturias (16.6%), Segovia (16.5%), Huesca (16.4%), Cuenca (16.4%), Madrid (14.2%), and Castellón (13.6%).
[–>
Followed by Balearic Islands (13.0%), Zamora (12.5%), Pontevedra (12.4%), Teruel (12.4%), A Coruña (12.2%), Vizcaya (11.4%), Seville (10.9%), Ávila (10.6%), Valencia (10.6%), and Santa Cruz de Tenerife (10.5%).
