Rental prices continue to increase in the Canary Islands, and went up by 12.7% in July compared to the same month of last year, and now stand at 10.83 euros per square metre, according to data from the Fotocasa real estate portal.
In Spain, the price rose by 0.9% in July compared to June, and by 7.4% compared to July 2021, reaching an average price of 11.21 euros per square metre.
This means the rental price has remained above 10 euros per square metre for 33 months since November 2019, and the July price is the highest it has been so far.
The director of studies at Fotocasa, María Matos, said that "the upward trend in rental prices, which has reached its historical high, is a moment that marks a milestone in the evolution of the market. Among the causes of this increase, is the reduction in supply as many owners are choosing holiday rentals via Airbnb and other platforms instead of long term, which has pushed prices up.”
The regions with the biggest increase are:
Valencia (17.5%)
Balearic Islands (14.5%)
Cantabria (14.0%)
Murcia (13.9%)
Canary Islands (12.7%).
The most expensive regions to live in are:
Balearic Islands, with an average price of 15.39 euros per m2
Catalonia (14.79 euros)
The Basque Country (13.51 euros)
Canary Islands (10.83 euros).
