Ibiza city, the 2nd most expensive in the country to rent housing per square meter.

In all the municipalities analyzed, the price of housing rentals increased with respect to the previous year. The city of Calvià saw the highest increase in November with 23.3%, followed by Palma with 18.6%.

As for the islands as a whole, the price of housing rentals fell by 0.3% in its monthly variation and rose by 16.5% in November in the Balearic Islands with 13.95 euros per square meter per month, according to Fotocasa data. This year-on-year increase (16.5%) represents the fourth highest increase detected in 2022

“The price of renting continues to rise dramatically. The rises are occurring in all communities and several of them are once again registering record high prices, breaking records in terms of cost per square meter. The situation is also complicated in the main provincial capitals, as they are highly demanded areas, where the supply of housing rentals is scarce and very significant increases are occurring. This situation confirms that regulations aimed at controlling the price of rents are not effective, and contrary to their purpose, they are reducing the supply of housing rentals. Therefore, the imbalance between supply and demand is so large that the upward price trend will continue in this market into next year”, commented the Director of Studies and spokesperson for Fotocasa, María Matos

Year-on-year rental increases

If rental prices are analyzed with respect to those from a year ago, it can be seen that all communities saw year-on-year price increases in November. Five communities exceeded double digits and specifically in the Valencian Community, the Balearic Islands and the Canary Islands they exceeded 15% year-on-year.

The order of the Spanish regions with year-on-year increases was Valencian Community (16.6%), Balearic Islands (16.5%), Canary Islands (15.4%), Madrid (14.0%), Cantabria (10.1%), Navarra (8.4%), Extremadura (8.0%), Galicia (7.9%), Castilla y León (7.3%), Region of Murcia(5.6%), Andalucía (5.5%), Asturias (5.4%), Catalonia (5.3%), Basque Country (5.1%), Aragón (3.1%), La Rioja (2.9%) and Castilla-La Mancha (1.0%)

In November, three communities exceeded the maximum rental prices per square meter per month.

The Spain regions with the highest prices in the complete historical range were the Basque Country (13.95 euros per square meter per month), Valencian Community (10.05 euros per square meter per month) and Andalusia (9.02 euros per square meter per month)

As for the ranking of autonomous communities with the most expensive rental price in Spain, in first and second place were Madrid and Catalonia, with 15.36 euros per square meter per month and 14.69 euros per square meter per month, respectively.

They were followed by six more communities with prices above 10 euros per square meter per month, including Basque Country with 13.95 euros; Balearic Islands with 13.95 euros; Canary Islands with 11.16 euros; Navarra with 10.58 euros; Valencian Community with 10.05 euros and Cantabria with 10.05 euros. On the other hand, the region with the cheapest square meter was Castilla-La Mancha with 5.92 euros

For the full article, please visit Diario de Ibiza website here.