Barcelona: most expensive province for rentals
The price of rental housing in Spain increased by 5.8% during the second quarter of 2016, reaching a price per square metre of 7.8€ per month. On the annual rate, the increase stands at 8.5%, according to the latest data released by property portal Idealista.
Fernando Encinar, head of research for Idealista, says “… the real estate rental market in Spain is in very good health. Monthly rental costs increased throughout the country, while the supply of rental properties is growing strongly in all major markets.”
Autonomous Communities
All communities recorded increases in rental costs in Q2. The largest increase was observed in Catalonia where the price of rental housing is now 7.7% higher than it was three months ago. The Canary Islands also saw increases above the national average with costs rising 6.5% in the second quarter. La Rioja also saw significant increases with costs going up by 6.4%. Our sunny Andalusia saw prices increase by 2.9% in the second quarter while the annual increase was 6%.
The lowest increases were seen in Navarra where costs barely increased with a 0.3% rise. Asturias, the Balearic Islands and Galicia also saw lower increases with prices rising 1%, 1% and 1.6%, respectively.
Madrid is the most expensive community with a cost per square metre, per month, of 11.9€. Catalonia follows with a cost of 11.8€, then the Balearic Islands where the same square metre costs 10.1€ per month.
The cheapest monthly rental costs are found in Extremadura (4.1€ p/m²), Castilla La Mancha (4.5€ p/m²) and La Rioja (5.2€ p/m²).
Provinces
All provinces recorded quarterly increases except for two; Zamora saw prices fall by 3.4%, while in Lleida the cost of renting fell by 0.4%.
The largest increase was in Las Palmas where prices increased by 8.7% during the second quarter, followed by Barcelona with a 7.1% increase in costs. Leon saw rental costs rise by 7% while n Segovia the increase was 6.7%. The province of Malaga saw prices increase 3% in the second quarter, and 11.1% on the annual rate.
Other provinces to see increases above six percent were La Rioja (6.4%), Lugo (6.4%), Albacete (6.4%), Castellon (6.1%) and Palencia (6.1%).
The most expensive province following Q2 is Barcelona with a cost per month of 13.5€ p/m². Following Barcelona is Madrid with a monthly cost of 11.9€ p/m², and Gipuzkoa where the cost is 10.7€ p/m².
The cheapest province for rental property is Avila with a cost per square metre, per month, of only 3.8€. Following is Caceres (3.8€ p/m²) and Jaén (3.9€ p/m²)
Provincial Capitals
The largest increase in monthly rental costs in Q2 was seen in Segovia where prices went up by 8.6%. Significant increases were also seen in Lugo and Castellón with prices rising by 7.1% and 6.7%, respectively.
At the other end of the scale, we find price decreases in Malaga (-2.5%), Lleida (-1.7%), and Caceres (-0.9%). Murcia and Pontevedra also saw negative growth with prices falling by 0.7% and 0.6%, respectively, when compared to the previous quarter. In Malaga the annual rate is more positive with an increase of 8.3%.
At the close of the second quarter we find Barcelona as the most expensive capital with a cost per square metre, per month, of 16.1€. Following closely is Madrid where the price is 13.1€ p/m² per month, and San Sebastian with a cost of 12.1€ p/m².
The cheapest capitals are Avila and Caceres with monthly costs of 4.2€ p/m² in both places.
