Nueva Andalucia Villas has long provided real estate services across the Costa Del Sol, and with ample data has seen much change in the region. Spain has experienced constant increases in the cost of renting housing during the first half of 2024. With a 2.3% increase at the end of the second quarter, there was a 9% increase year over year. As a result, the average monthly cost per square metre is now 12.65 euros.
The mismatch between supply and demand is the primary cause of the sharp and rapid increase in rental costs. With growth forecasts, the demand is currently high and the supply is progressively running out. The issue is become more and more significant. More rental housing is required to halt this tightening, and this can be achieved by promoting housing rehabilitation and transfer, bolstering legal security and regulatory clarity, and establishing a geographical policy of decentralisation of opportunities so that demand is not just concentrated but also distributed in the big cities, as stated by Fotocasa representative María Mator.
Independent Communities In 15 localities, the cost of renting a home in Spain increased in the second quarter of 2024, while prices in 17 communities increased annually.
Cantabria (13.8%), Madrid (7.6%), Asturias (6.6%), Galicia (6.3%), Extremadura (6.0%), Basque Country (4.9%), Catalonia (4.7%), Valencian Community (4.2%), Aragon (3.2%), Balearic Islands (3.1%), Canary Islands (3.1%), Castilla y León (2.8%), Castilla-La Mancha (1.7%), and Andalusia (0.8%) are the regions that have experienced increases.
In terms of price ranking by community, Madrid and the Balearic Islands are at the top and surpass the €18.00 p/m² threshold. In particular, prices in Madrid reached up to €19.71 p/m² per month, while in the Balearic Islands, they increased to €18.09 p/m² per month.
Both communities surpass the values of the historical records, setting new highs. Following them were the Basque Country (€16.10 p/m² per month), the Canary Islands (€13.87 p/m² per month), Cantabria (€13.74 p/m² per month), the Valencian Community (€12.43 p/m² per month), Navarra (€11.21 p/m² per month), Andalusia (€10.56 p/m² per month), and Asturias (€10.35 p/m² per month).
Provinces: 42 quarterly hikes and 48 interannual increases were reported in the provinces during the second quarter of 2024. The provinces of Guadalajara (15.7%), Cantabria (13.8%), Jaén (11.8%), and Murcia (10.2%) experienced the biggest quarterly gains. Conversely, the following provinces had quarterly declines: Huesca (-4.4%), Teruel (-7.1%), Gipuzkoa (-0.7%), Burgos (-0.6%), Navarra (-3.3%), Valladolid (-3.9%), and La Rioja (-3.7%).
Madrid and Barcelona are the top two provinces in the pricing ranking, surpassing the monthly barrier of €19.00 p/m². In particular, Madrid’s monthly fee climbed to €19.71 p/m², while Barcelona’s increased to €19.49 p/m². Both provinces exceeded the prior historical highs to reach new maximums. Ciudad Real, at €6.09 p/m² per month, Teruel, at €6.13 p/m² per month, Jaén, at €6.17 p/m² per month, Palencia, at €6.86 p/m² per month, Cáceres, at €6.88 p/m² per month, and Badajoz, at €6.95 p/m² per month, are the most economical provinces.
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For those looking to rent a property, rent out their own property, or even sell their property, Nueva Andalucia Villas is the ideal agency to contact. We are experts in the local real estate market and are committed to providing high-quality services to meet all your real estate needs. Don’t hesitate to contact us for more information and to find out how we can assist you.
