Rental prices in the Municipality of Calvia which includes the popular resorts of Magalluf, Santa Ponsa and Palmanova fell 8% in October and now stand at an average of 13.7 euros per metre, making them the cheapest in the country.
Rental prices in Llucmajor fell 5.1% to 10.26 euros per square metre in October making it one of the ten Spanish towns where the rental prices fell the most.
Alcoy, Benidorm, El Campello, Santa Pola and Torrevieja in Alicante, Puerto de Santa Maria in Cádiz, Paterna in Valencia, Aranjuez in Madrid rank between Calvia and Llucmajor. Palma recorded a decrease of 2.9%.
Real Estate Index
According to the property website, Fotocasa the average rent in Spain was 10.7 euros per square metre in October, which is three euros below the average price of Calvia and almost the same as Llucmajor. The average rental price in Spain rose by 0.1% in October.
The price per square metre for rental properties in the Balearic Islands fell 3.2% to 11.6 euros last month with an annual decline of 6.8%. There is no year-on-year comparison for Calvia or Llucmajor.
Despite the fall in rental prices, rental prices per square metre in Calvia still ranked in the top ten Municipalities in Spain behind Barcelona City, Hospitalet del Llobregat, Sitges, Sant Cugat del Vallès, Castelldefels, Gavà, Madrid City, Ibiza Town and San Sebastián in Guipúzcoa where the average price per square metre rose to 16.33 euros.
Calvia and Llucmajor are still the most expensive places to rent a property in Mallorca, according to Valuation Indices, but prices have gradually declined since the beginning of the pandemic.