Renting one m² will cost 7.36€p/month
The average price of rental property in Spain fell by 0.6% in July. The average is 7.36€ p/m² p/month, according to the latest data released by property portal fotocasa.
This is the first fall in the cost of rental property following 8 months of increases. The average cost is now similar to that of October 2013 when the average cost was 7.38€ p/m² p/month.
Despite the small drop in prices there was actually a price increase in 11 autonomous communities, on the monthly variation. On the annual variation there were increases in 16 communities.
“The price of rent in Spain, in general, tends to normalize after losing nearly 30% of its value after the pre-crisis highs. So we find occasional falls in July, but the trend is towards stabilization. The most striking case is that of large cities such as Madrid, Barcelona or Valencia, where prices are rising more strongly than in the rest of the country,” says Beatriz Toribio, from fotocasa Studies.
By Autonomous Community
Between the eleven communities to see an increase the variations were between +3.9% seen in the Balearic Islands and +0.1% which was seen in Catalonia and La Rioja.
Madrid was the most expensive community in July for the third consecutive month with an average rent of 10.42€ p/m² p/month. The Basque Country followed with a price of 10.23€ p/m² p/month while in Catalonia the price was 10.21€ p/m² p/month.
At the other end of the table we find Extremadura as the cheapest region for rental property with a price of 4.62€ p/m² p/month. Castilla La Mancha follows with a cost of 4.73€ p/m² p/month.
By Province
When looking at the variations by province we see 34 recorded increases in rental prices. Those increases range from 7.8% in Segovia to 0.1% in Cadiz. 14 provinces saw prices fall with declines ranging from -0.1% in Coruña to -2.1% in León.
Of the country’s 268 municipalities the rental costs increased in 157, with 106 seeing prices fall. In the remaining five cities the cost of rental property was unchanged. Puçol, in Valencia, saw the largest increase with prices rising 16%. Lucena, in Cordoba, saw the largest fall with prices falling 13.5%.
The highest rental costs are in Barcelona where a square metre of rental property will set you back 13.89€ p/month. Gava follows with a price of 12.92€ p/m² per month. At the other end of the table we find two towns in Valencia, Llíria and Alzira, with a cost per square metre of 3.39€ p/month and 3.60€ p/month, respectively.
