Rental price increase in the Balearic Islands reaches new record

The rental price in the Balearic Islands has seen a significant increase of 30 percent in one year and is now at a record high of 17.17 euros per square meter per month.
According to data from Photohouse, the annual variation value in July shows an increase of 30.1 percent, while the monthly variation value increased by 0.1 percent. This results in the rental price now being 17.17 euros per square meter per month.
The latest information from the portal's real estate index reveals that this increase compared to the previous year of 30.1 percent is the third lowest value of the year on the islands. In addition, in July 2023, nine municipalities exceeded the maximum rental prices per square meter per month. A room in a shared flat in Palma, for example, costs 475 euros.

Regions with the highest rental prices in Spain

The areas of Spain with the highest rental prices in the entire historical data series are led by the Balearic Islands with 17.17 euros per square metre per month. This is followed by Madrid with 17.02 euros per square metre per month, Catalonia with 15.99 euros per square metre per month, the Canary Islands with 12.90 euros per square metre per month, Asturias with 8.92 euros per square metre per month and Galicia with 8.56 euros per square metre per month. La Rioja records 8.52 euros per square metre per month, followed by Castilla y León with 8.38 euros per square metre per month and Extremadura with 6.43 euros per square metre per month

Increases in Palma and Calvià

In most of the municipalities analysed, rental prices have increased compared to the previous year. Palma records the highest increase of 26.5 percent in July, followed by Calvià with 11.4 percent.
The municipalities with the highest prices per square metre in July are also Calvià with 21.62 euros per square metre per month and Palma with 16.29 euros per square metre per month

Rental price increase of 3.4 percent in Spain

At the national level, the rental price increased by 3.4 percent in July compared to the same month last year. This represents the lowest year-on-year increase since September 2022, when the increase was 2.2 percent. On a month-on-month basis, the rental price in July fell by 0.2 percent compared to the previous month and now stands at an average of 11.59 euros per square meter.