Property rentals prices in Palma are going through the roof. | Majorca Daily Bulletin reporter

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The price of flats for rent in June in the Balearics reached an average price of 12.09 metres per square metre, which represents an increase of 9.56 percent compared to June 2021, according to the half-yearly rental price report of the real estate portal pisos.com.

According to the same data, the Balearics is the second most expensive region, behind Madrid (13.38 euros per square metre), to rent an apartment.

The prices registered in June in the Balearics represents a half-yearly increase of 3.25 percent, although a fall of 2.50 percent compared to the previous month. On a quarterly basis, the increase is 1.31 per cent.

Palma recorded an average price of 12.70 euros per square metre in June. This monthly rate placed it in fifth place on the list of the most expensive provincial capitals in the country.

The Balearic capital registered an increase of 4.11 percent compared to December 2021. Compared to June 2021, it grew by 12.75 per cent, the seventh sharpest national increase.

The director of studies of pisos.com, Ferran Font, said that access to housing is “complicated” due to rising inflation.

The spokesman for the real estate portal revealed that one of the reasons why it is now more expensive to rent a property than it was a year ago is that “housing for sale has also become more expensive, as have mortgages, and this is delaying the plans of many potential buyers, which is putting pressure on the rental market”.

Font pointed out that rental properties are changing hands very slowly, which limits the available supply.

In addition, the expert pointed out that “the longer the economic uncertainty continues, the more prices will shoot up”.