SANTA CRUZ DE TENERIFE/MADRID, 21 May (EUROPA PRESS) –
The average rental price in the Canary Islands has seen a remarkable increase of 137% in the last ten years, rising from 464 euros per month in April 2014 to 1,101 euros in April 2024, as per the ‘Cumulative Housing Price Variation in Spain in 2024’ study by Fotocasa.
The Canary Islands rank third among autonomous communities with the highest percentage increase, trailing only behind the Balearic Islands (158%) and the Valencian Community (139%).
Nationally, rental prices have surged by 78% in Spain over the past decade, bringing the average monthly cost for an 80-square-meter residence to 984 euros, compared to 553 euros in 2014.
Consequently, the price per square meter has jumped from an average of 6.91 euros per month in April 2014 to 12.30 euros per month in April 2024.
María Matos, Director of Studies and spokesperson for Fotocasa, highlighted this as the “most significant surge in rental prices in recent years”, with some communities experiencing a housing price escalation of up to 150% in the last decade, posing “significant challenges in accessing housing.”
“The increasing demand against a backdrop of limited supply has resulted in escalating prices, surpassing the levels seen during the real estate bubble of 2007 by 33%,” she underscored.
BALEARIC ISLANDS SEE A 158% INCREASE IN PRICES
Rental prices in the Balearic Islands have soared from 7.03 euros per square meter per month in April 2014 to 18.14 euros per square meter a decade later, reflecting a 158% surge.
This translates to an increase from an average of 562 euros per month for an 80-square-meter dwelling to the current 1,451 euros per month for a residence of similar size in the Balearic Islands.
Conversely, in Castilla la Mancha, the price per square meter has only risen by 46% since 2014, reaching 6.99 euros. Therefore, individuals in La Mancha paid around 382 euros per month for an 80-square-meter rental in 2014, compared to 559 euros per month in 2024.
ESTEPONA: THE CITY WITH THE SHARPEST RENTAL PRICE INCREASE
According to the Fotocasa study, Estepona (Málaga) is the sole city in Spain to witness a cumulative surge of 190% in rental prices by April 2024 compared to a decade prior.
Ten years ago, the rental cost for an 80-square-meter property in Estepona stood at 446 euros per month, which has now escalated to 1,297 euros per month in 2024.
Following Estepona, cities with notable cumulative rent surges in the last ten years include Gandía (+185%), Mijas (+167%), Benalmádena (+159%), Palma de Mallorca (+155%), Valencia capital (+150%), Torremolinos (+138%), Benidorm (+138%), El Campello (+137%), Calvià (+137%), Vélez-Málaga (+135%), Sanlúcar de Barrameda (+132%), and the capital of Santa Cruz de Tenerife (+132%).
