The typical rental apartment in the Canary Islands recorded an average rental price of €12.78 per square meter in June, representing a half-yearly increase of 18.33%, the most intense in the country. Compared to June 2023, it also led the national increases, with a 32.02% rise.
On a monthly and quarterly basis, it was the one that stood out the most, appreciating by 2.90% and 8.58%, respectively, according to the semi-annual report on rental prices by pisos.com, which indicates that the Canary Islands were the fourth autonomous community with the highest monthly rent for tenants, behind the Balearic Islands (€17.57/m2), among others.
Meanwhile, rental housing in Spain had an average price of €11.73 per square meter in June. This figure marked increases in all comparisons: 0.95% monthly, 2.53% quarterly, 5.49% half-yearly, and 7.61% annually.
According to Ferran Font, Director of Research at pisos.com, “the search for a rental apartment that fits the monthly budget is a headache for many citizens. The escalation of rents seems to have no limit, delaying the departure of the younger ones from the family home, but also making it difficult for current tenants to opt for a location more in line with their preferences or a better-equipped home.”
The spokesperson for the real estate portal believes that the collaboration between the different administrations and developers “is already bearing fruit, with interesting plans for affordable housing development.” The executive believes that these agreements are “excellent news,” but “no matter how much the accelerator is pressed, in certain markets urgent solutions are needed to revitalize the supply.” The expert points out that “property owners need to be sure that they will be able to recover their property if something goes wrong.”
MOST EXPENSIVE PROVINCE
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Compared to December 2023, the province of Las Palmas (18.72%) saw the highest growth in the country, and Santa Cruz de Tenerife (18.18%) was second. In the year-on-year variation, they maintained their positions: Las Palmas (37.38%) and Santa Cruz de Tenerife (28.57%). With €13.63 per square meter in June 2023, Las Palmas was the fourth most expensive province in the country, while Santa Cruz de Tenerife, with €11.70, was the sixth.
Regarding the capital cities of the Canary Islands, Santa Cruz de Tenerife (12.20%) ranked fourth in the list of the largest national semi-annual increases. Las Palmas de Gran Canaria (6.78%) contained its rise more. From one year to the next, Las Palmas de Gran Canaria (23.29%) was the third Spanish capital that grew the most, and Santa Cruz de Tenerife (22.97%) was the fifth.
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In terms of average monthly incomes, Las Palmas de Gran Canaria (€14.83/m2) was the eighth most expensive capital in Spain, while Santa Cruz de Tenerife (€12.70/m2) was slightly more affordable.
