The rent continues to rise. The price of rental flats has risen an average of 0.7% in Spain (Balearic Islands) during July to reach 11.9 euros per square meter, according to the latest price report published by Idealista. This article about the Balearic Islands is crowned as the region with the most expensive rental price
The increase in July leads to a 3.7% increase in the price of rental housing in the third quarter of the year, while the interannual rate, that is, concerning July 2022, registers a rise of 9.3%. As they explain from the real estate portal, “the data becomes, once again, the maximum historical rental price in Spain since Idealista has records.”
Where Is The Most Expensive Average Rent Per m2?
The Balearic Islands, with 16.5 euros per square meter, is crowned as the region with the most expensive price or above the Community of Madrid, with 15.6 euros per square meter. They are followed by Catalonia (15.3 euros) and the Basque Country (12.9 euros).
On the opposite side of the table, we find Extremadura (6.1 euros per square meter) and Castilla-La Mancha (6.5 euros), which are the cheapest communities.
In terms of increase, the rent increase has occurred in 17 autonomous communities, with Cantabria being the most expensive with a rent increase of 5.5%. They are followed by the Region of Murcia (+2.5%), the Valencian Community (+2.3%), the Basque Country (+1.8%) and the Canary Islands (+1.6%).
Behind are Madrid (+1.5%), Catalonia (+1.2%), the Balearic Islands (+0.7%) Galicia (+0.7%) and La Rioja (+0.7%).
On the opposite side, the smallest increases have been in Castilla y León (+0.5%), Andalucía (+0.5%), Castilla-La Mancha (+0.5%), Asturias (+0.4 %), Aragon (+0.4%), Extremadura (+0.2%) and Navarra (+0.1%).
Read This Article: The Importance Of Having A Business Financial Coach
Which Province Balearic Islands Is More Expensive?
The Balearic Islands (16.5 euros/m2) is the most expensive province, ahead of Barcelona with 16.2 euros/m2, Madrid with 15.6 euros/m2 and Guipúzcoa with 14.8 euros/m2.
Zamora, Caceres, Ciudad Real, and Jaen (5.7 euros/m2 in the four provinces), on the other hand, are the cheapest provinces.
In the case of the provinces, 44 have registered an increase in the rental price, with Girona (+7.1%), in the lead. This is followed by Cantabria (+5.5%), Alava (+4.1%), Lugo and Guipúzcoa (+3.9%). On the other hand, the only provinces that have experienced decreases in income are Huelva (-2.1%), Huesca (-1.3%), Guadalajara (-0.6%), Salamanca (-0.2%) and Jaen (-0.1%).
The Most Expensive Capitals
Barcelona continues to be the capital with the most expensive rents with a price of 18.9 euros/m2 followed by Madrid (17.1 euros/m2) and San Sebastian (16.5 euros/m2). They are followed by Palma (14.5 euros/m2), Bilbao (13.1 euros/m2) and Malaga (12.8 euros/m2). Barcelona, Madrid, San Sebastian, Palma, Malaga, and Valencia reach their highest price since idealista has records.
Caceres, on the contrary, is the capital with the cheapest rent at 6.1 euros/m2, followed by Ciudad Real (6.2 euros/m2), Zamora, and Lugo (6.3 euros/m2 in both cases).
Idealista also reports that 29 provincial capitals have experienced increases in the price of rental housing in the last month. The most pronounced increase has been in Vitoria, where rents rose by 4%.
Read This Article: Financial Planning: The Path To Long-Term Financial Peace Of Mind
It is followed by another capital of the Basque province, San Sebastian, where the increase was 3.8%, Almería (+3.8%), Santa Cruz de Tenerife (+2.9%), Málaga (+2.9%) and Avila (+2.8%).
On the other hand, Ceuta is the capital in which the rental price has fallen the most during July (-3.9%), followed by Huesca (-2.1%), Caceres (-2%), Girona (-1.9%) and Tarragona (-1.8%).