In August, they went up by 10% in the year. This was the third consecutive month of double-digit rises and the 30th month in a row of increases.
August’s price hike is the third highest after the 10.5% rise in May and 10.2% in April. Average rent rates in Spain went down by 0.1% from July to August.
But despite the year-on-year hikes, rental costs are still far below their peak in 2007. The average monthly national rate currently stands at €8.08 per square metre. In May 2007, it stood at €10.12 a square metre, making today’s prices still 20.3% cheaper.
About regional price
Month-on-month rental rates went up in 10 regions of Spain and year-on-year rates rose in 16. The highest rates were in Catalonia (18.2%), the Canaries (11.3%), Madrid (11.2%) and the Balearics (10.4%).
The regions with the lowest rent rises were Extremadura (2.6%), Aragon (2.7%), La Rioja (2.9%), Asturias (3%), Castilla y León (3.3%) and Murcia (3.5%). In the middle were Cantabria (5%), Navarra (5.1%), Castilla-La Mancha (5.4%), Andalusia (5.6%), the Basque Country (5.7%) and the Comunidad Valenciana (6.6%).
Catalonia is the most expensive region to rent a resale property with a square metre price of €12.13 a month. Next is Madrid (€11.66) and the Basque Country (€10.8). At the other end of the scale, two of the most affordable regions for rent are Extremadura (€4.78) and Castilla-La Mancha (€5.03).
Article saw in: spanishpropertyinsight.com