MADRID/SANTA CRUZ DE TENERIFE, 17th June (EUROPA PRESS) –
The cost of renting a property in the Canary Islands decreased by 0.9% in May compared to the previous month and by 7.6% in its annual variation, bringing the average price to €13.63 per square meter, according to data from the Fotocasa Real Estate Index.
In the two provinces of the Canary Islands, rental prices rose year-on-year in May: in Santa Cruz de Tenerife by 10.5% (€13.40/m2) and in Las Palmas province by 6% (€13.84/m2).
During May, the city of Santa Cruz de Tenerife saw the largest increase at 23.3%, followed by Las Palmas de Gran Canaria (4.5%).
Noteworthy rental prices per square meter in May include Arona at €17.69/month, Las Palmas de Gran Canaria at €14.07/month, and Santa Cruz de Tenerife at €12.90/month.
Nationally, the average rental price fell by 1.5% in May, making it €12.12 per square meter. Despite the monthly decline, rental prices have seen a 4% increase compared to May 2023.
Although monthly trends may suggest a moderation, “rental prices are still on the rise across the country,” stated Fotocasa’s Director of Studies and spokesperson, María Matos.
Every autonomous community has experienced a year-on-year increase in rental prices, with Asturias leading (16.6%), followed by Madrid (14.2%), Castilla-La Mancha (13.0%), the Balearic Islands (13.0%), and Galicia (11.2%).
Following these are the Basque Country (9.8%), Extremadura (9.6%), Cantabria (9.4%), Comunitat Valenciana (8.9%), Castilla y León (8.5%), the Canary Islands (7.6%), Andalusia (7.2%), Region of Murcia (7.1%), Aragon (5.8%), Navarra (4.1%), La Rioja (3.3%), and Catalonia (0.8%).
At present, eight communities exceed the maximum rental rates per square meter per month, with the Balearic Islands topping the list at €18.75, followed by Madrid (€18.69) and the Basque Country (€15.59).
Cantabria follows closely at €13.34 per square meter per month, then Comunitat Valenciana (€12.16), Asturias (€10.12), Galicia (€9.31), and Extremadura (€6.86).
Additionally, rental prices increased annually in May in all provinces except Jaén and Huelva. The largest increases were seen 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%).
Following closely behind, the 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%).
