Property for rent in Ibiza.

Property for rent in Ibiza.

28-12-2020Ultima Hora

Rental prices in the Balearic Islands fell 7.3% to 11.7 euros per m2 in 2020, which is the biggest price drop in the country in the last 12 months, according to idealista’s pricing report.

Prices dropped by 6.2% to 11.2 euros per m2 in Palma but the biggest fall in Mallorca was 11.8% in Manacor, followed by the Island of Ibiza with a 10.3% drop in Santa Eulalia del Río and 10% in Ibiza Town.

The White Island is still the most exclusive market in the Balearic Islands with rental properties costing 15.7 euros per m2 in Ibiza Town; 14.8 euros per m2 in Sant Josep de Sa Talaia and 14.7 euros per m2 in Santa Eulalia del Río.

Other communities

2020 has been a difficult year for the rental market and the biggest declines were in five of the most dynamic markets before the pandemic. Prices fell by 9.4% in Barcelona, 7.3% in Madrid, 6.2% in Palma, 5.6% in Malaga and 5.2% in Seville.

But overall rental prices went up by 1.4% nationwide in 2020 to 11.5 euros per square metre per month, according to Idealista.

The quarterly rate fell by 3.7% with price drops in four regions.

In Barcelona, rental prices fell by 9.4% to 14.9 euros per m2 in the last year with a cumulative fall of 15.1% since May 2020.

In Madrid, rental prices fell by 7.3% to 15 euros per m2 in the last year with a cumulative fall of 10.7% since May.

In Valencia, rental price fell by 1.7% to 8.9 euros per m2 in the last year with a cumulative fall of 6.8% since May.

Since May, rental prices have gone up by 13.5% in Ourense, 12% in Lleida and 11.1% in Teruel.

Madrid and San Sebastián are the top two most expensive places to rent property at 15 euros per m2; Barcelona is third at 14.9 euros per m2 and Bilbao is 4th at 12.7 euros per m2.

The cheapest places to rent property are Zamora at 5.2 euros per m2; Ciudad Real at 5.5 euros per m2; Cáceres at 5.6 euros per m2 and Ávila at 5.7 euros per m2.

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