the price of the housing for rent in the Canary Islands it increased 5.8% in the second quarter to 11.1 euros per square meter, according to a report published this Monday by the Idealista real estate portal that sets the national average price at 4.2%.
The price rises 5.7% in the province of Las Palmas to 11.8 euros and 5.3% in the province of Santa Cruz of Tenerife up to 10 euros and in both provinces the highest price is reached since idealista has records.
At the end of June 2022, renting a home in Spain had a cost of 11.2 euros per square meter, a figure that is 1.6% higher than that registered at the end of May and 4. 8% more year-on-year.
“The rise in rents this quarter is no surprise, it is the result of the reduction in available supply and housing policies that, far from bringing new products to the market, have scared away investors and savers and reduced the real estate park”, said the spokesman for idealisticFrancisco Inareta.
In this sense, he pointed out that the renewal until, for the time being, of the end of the year of the ban on updating rents above 2% is having “a devastating effect on the market”.
Despite the increase in rents, Iñareta explained that in the most stressed markets, prices are still below their historical highs and are likely to remain so. This is due, first of all, because the stock trend seems to be reversing in recent months, and the current situation is already what we had before the pandemic. And on the other hand, the current inflationary situation reduces the payment capacity of future tenants, according to the spokesman.
BARCELONA IS THE MOST EXPENSIVE CAPITAL TO RENT A HOME
According to the report, 43 provincial capitals have higher rental prices than a quarter ago. Teruel is the capital in which the rental price has grown the most during these months, with an increase of 13.8%.
The increase registered in Las Palmas de Gran Canaria has also been considerable, where they have risen by 8.4%, followed by Girona (7.3%) and Cuenca (7.3%). In Barcelona the rise reached 6.6%, while in Madrid it has remained at 4.6%. Prices have also risen in the rest of the large markets: Malaga (4.4%), Palma (3%), Seville (2.8%), Valencia (2.8%), Zaragoza (2%) and Bilbao (0.3%).
The biggest drop has been in the city of Soria, where owners ask for 2.3% less to rent their homes than before spring. They are followed by the falls in Granada (-1.7%) and Albacete (-0.9%).
All in all, Barcelona is the most expensive capital to rent a home, with 17.2 euros/m2, followed by Madrid (15.7 euros/m2) and San Sebastián (15.3 euros/m2). In fourth place is Bilbao (12.7 euros/m2) and in fifth place is Palma (11.9 euros/m2). At the bottom of the table we find Ourense (5.9 euros/m2), Zamora (5.9 euros/m2), Ávila and Ciudad Real (6 euros/m2 in both cases).
ALL COMMUNITIES HAVE SEEN PRICES INCREASE
The study indicates that all the Autonomous Communities have raised their prices during the second quarter. The greatest increase has been registered in the Balearic Islands, where the expectations of the owners have increased by 10.7%.
They are followed by the increases in Murcia (8.6%), the Canary Islands (5.8%), the Valencian Community (5.7%) and Cantabria (5.7%). In Catalonia the rise has been 4.6%, while in the Community of Madrid it has remained at 4.2%. The least increase has occurred in Euskadi (1%), Asturias (1.2%) and Navarra (1.5%).
Madrid and Catalonia are the most expensive communities to rent a home, with 14.5 euros/m2 in both cases. They are followed by the Balearic Islands (13.9 euros/m2) and below that are Euskadi (12.4 euros/m2) and the Canary Islands (11.1 euros/m2). On the opposite side of the table we find Extremadura (5.7 euros/m2), Castilla La Mancha (6.2 euros/m2), La Rioja and Murcia (7.3 euros/m2 in both cases), the most economic.
