Renting in the Balearics is getting more expensive.

Renting in the Balearics is getting more expensive. | Majorca Daily Bulletin reporter

Humphrey CarterPalma13/02/2023 15:10
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Rental property in the Balearics registered an average price of 14.46 euros per square metre per month in January, an increase of 21% compared to the figure a year earlier, according to data from the Fotocasa real estate index - the biggest rise since 2017.
The Balearics is the region to have posted the highest increase in rental rates prices over the past year .

Compared to December, rents in the Balearics rose by 2.1% in January. With January’s rates, the Balearics is the third most expensive region, behind Madrid (15.63 €/m2 per month) and Catalonia (15.18 €/m2 per month).

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By municipalities, prices rose by 24.2% in Palma (14.44 €/m2 per month) and by 24.7% in Calvia (19.14 €/m2 per month) in year-on-year comparison. However, Calvia rates dropped 0.7% compared to December, while Palma rose 1.1%.

Ibiza, with 20.5 €/m2 per month, rose by 13.1% between December and January.
The director of studies and spokesperson for Fotocasa, María Matos, confirmed that the rental price “is once again at an all-time high in Spain”, which she attributes to “the reduction in the supply of housing by more than 30%”, which “creates a great imbalance between supply and demand that pushes prices upwards”.