Rents in Marbella increased 11.6%
The average cost of renting increased in Spain by 4.8% during the second quarter of 2017. The average price per square metre now stands at 9.4 euros per month, according to a report from idealista.
Average rental prices increased in all the autonomous communities during the second quarter except for Euskadi where prices fell by 0.2%. Three communities saw double-digit increases in rental costs: the Balearic Islands (14.2%), the Canary Islands (13.4%), and Murcia (11.1%).
After a slight slowdown in the previous quarter, the city of Barcelona has seen a small quarterly decrease in prices of -1.4%, leaving the cost of a square metre at 17.8 euros per month. On the year-on-year rate, the city continues to record increases (10.6%).
Madrid also ended the second quarter with a fall in the price of rental property of -1.1%, which leaves the average cost per square metre at 14.6 euros per month. On the year-on-year variation the city saw an increase of 11.4%.
The average cost of renting increased 1.7% in the city of Valencia during the second quarter. This rise has left the price per square meter at 7.7 euros per month.
Andalucía
The community of Andalucía saw a quarterly increase of 6.3% with a year-on-year increase of 9.1%. This puts the average cost per square metre at 7 euros per month. In the Province of Malaga, the quarterly variation was +10.2%, while on the year-on-year variation the increase was 16.5%, putting the average cost per square metre at 9.1 euros per month.
In Marbella, the price of renting increased in Q2 by 11.6%. The average cost per square metre now stands at 12.1 euros per month. On the year-on-year basis the increase was 7.2%, ensuring Marbella remains as the most expensive municipality in Andalucía for rental property.
In Estepona, the quarterly increase was 6.9%, leaving the cost per square metre at 9.4 euros per month.
The only town in Malaga to outdo Marbella in terms of the quarterly increase was Fuengirola. In this tourist-magnet the cost per square metre increased by 11.9% in Q2 to reach 9.5 euros per month.
Torrox recorded the largest annual increase with prices rising 15.7% to reach 7 euros per square metre per month.
All other cities in Malaga saw increases in rental costs with the smallest increase being 2.7% in Torre del Mar.
Other Capitals
It is worth mentioning the rise of the island capitals. In Las Palmas de Gran Canaria, owners have increased their asking prices by 11% in the second quarter to reach an average cost per square metre of 10.4 euros per month. In Santa Cruz de Tenerife the increase was 10.8%, reaching 7.2 euros per m² per month. Palma de Mallorca saw the cost of renting increase by 8.9% compared to the previous quarter. The average cost of a square metre of rental property is now 12.7 euros per month.
