This year rental prices in Spain have increased 10% and this fact confirms the growing interest in renting. We are not surprised by this striking increase as we have become aware of the high demand of rental housing in Spain nowadays. In this blog, we already wrote about the re-emergence of rental housing in Spain after a long lethargy, a fact which has led to an important increase in prices. Nevertheless, we are still far from the figures in other European countries. Undoubtedly, rental housing in Spain is on the rise and this year, Barcelona has become the most expensive city of all.

FACTS AND FIGURES

According to a recent survey, Barcelona has the highest rental price per square meter in Spain and it is very much ahead of the rest of the cities, amounting for monthly 15,14€ per square meter. We must point out that among the five most expensive towns, four of them are in the region of Barcelona, except for Ibiza. Barcelona is followed by Sant Cugat del Vallés and Castelldefels their price being respectively 13,61€ and 13,58€ per square meter. Ibiza is in fourth place (13,23€ per square meter), and Sitges comes fifth (12,82€ per square meter). Madrid is in sixth place with a monthly rental price of 12,81€ per square meter. We must take into account that the average price in Spain has risen 10%. Nowadays, it has increased 8€ per square meter, a fact which takes us to the 2011 prices. According to market analysts this was predictable, as can be expected in the circumstances of the improvement in our economy. Nevertheless, they also state that it would be necessary to take measures in order to offer a reasonable rental price so as to make this option more feasible. Regarding rental housing prices, Spain is still much more expensive than other European countries. We must bear in mind this fact in order to try to equal the prices offered in the rest of Europe.

CATALONIA AND MADRID BRING ABOUT THE INCREASE IN PRICES

Rental prices in Spain have, in general, increased and the two regions which have brought about this increase are Catalonia and Madrid. These two regions account for 40% of the demand of rental housing in Spain. As for rental prices in the Autonomous Communities, Catalonia comes first (monthly 11,96€ per square meter). Next comes the Community of Madrid (monthly 11,36€ per square meter). After, the Basque Country (monthly 10,59€ per square meter), and in fourth place the Balearics (monthly 10,05€ per square meter). There has been a large increase in the demand of rental housing. However, the offer is very limited and this has exerted an upward pressure on prices. This trend, common to all Spanish regions, started in 2015. Experts take the view that in the coming years the prices will be restored to normal.

Picture 02: Jorge Franganillo