At this point it is no surprise to note that the price of rent in Ibiza is becoming less and less affordable for the average pocket. The increased economic activity, speculation or the increase in the resident population are some of the reasons why the cost of renting a house on the island has suffered large year-on-year increases over the last decade.
Of all island municipalities, Ibiza registered the highest increase in the Rental Housing Price Index between 2015 and 2023 with a 23.6 percent cumulative changeaccording to the National Statistics Institute (INE). This growth has been quite similar in the other territories and all manage figures above 20 percent.
The second municipality with the highest increase in rents was Santa Eulària, which barely remained 0.5 percent of the value recorded in the leading area in this statistic. Sant Antoni reached the 23 percent and Sant Josep and Sant Joan registered growth rates of 22.1 percent and 21.5 percent between 2015 and 2023, respectively.
Less growth in Formentera
At a great distance from these data is Formentera, whose Rental Housing Price Index recorded an increase of 15 percent. In terms of average values, the island of Ibiza showed an average increase of 22.66 percent and the Pitiusas, of 21.53 percent.
These figures are similar to those of the large Spanish capitals. Thus, the municipality of Ibiza exceeds the increases in the price of rent that the INE attributed to Madrid, Barcelona, Seville and Zaragoza between 2015 and 2023. On the other hand, it lags behind the growth of Valencia, which reached 28.9 percent and Malaga, which remained at 26.1.
For the full article, please visit Diario de Ibiza website here.