MADRID, 21 May. (EUROPA PRESS) –
The average price per square meter of housing for rent has skyrocketed by 78% in Spain in the last 10 years, so renting a home of 80 square meters currently represents an average of 984 euros per month, compared to 553 euros per month which it cost on average in 2014.
According to data from the study ‘Cumulative variation in housing in Spain in 2024’ by Fotocasa, the price per square meter has gone from an average of 6.91 euros per month in April 2014 to reaching 12.30 euros per month in April 2024.
The Director of Studies and spokesperson for Fotocasa, María Matos, has assured that we are facing the “greatest increase in rental prices in recent years”, with a growth in housing prices in some communities in the last decade of up to 150%, which represents “a very important difficulty in accessing housing.”
“The reactivation of demand in the face of the existing supply deficit has led to a tightening of prices that has become increasingly intense, exceeding the price recorded in the real estate bubble of 2007 by 33%,” he stressed.
The price of rental housing in the Balearic Islands has gone from 7.03 euros per square meter per month in April 2014 to 18.14 euros per square meter ten years later, that is, it has had an increase of 158% in one of each.
Thus, the Balearic Islands have gone from paying an average of 562 euros per month for a home of 80 square meters, compared to the 1,451 euros per month they currently pay for a home with the same characteristics.
Other significant increases in the price of rental housing in the last decade have occurred in the Valencian Community (139%), the Canary Islands (137%), Madrid (103%) or Catalonia (99%).
On the opposite side, in Castilla la Mancha the price per square meter has only increased by 46% since 2014, to 6.99 euros. Thus, the people of La Mancha had to pay an average of 382 euros per month to rent a home of 80 square meters in 2014, compared to the 559 euros per month they pay in 2024.
By city, Estepona (Málaga) is the only city in Spain whose cumulative increase in rental housing reaches 190% in April 2024 compared to a decade ago, according to the Fotocasa study.
For a rental home of 80 square meters in Estepona, 446 euros per month were paid 10 years ago, while in 2024, 1,297 euros per month will be paid.
The cities with the largest increases in cumulative rent in the last decade, after Estepona, are 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%) or Santa Cruz de Tenerife capital (132 %).