The Balearics are the most expensive Spanish region for renting

Read on to find out what the average price per square metre was in February

Spanish property portal pisos.com has released its monthly report detailing the rental price situation in the Iberian country, which showed that there has been an increase of 0.89% between February and January, and a 7.91% increase compared to February 2023.

The report also showed which regions in the Iberian countries have the highest average rental prices for long-term contracts. The three priciest regions are thus: the Balearic Islands, Madrid and Catalonia. The average rental prices per square metre in each of these regions in February were: 17.15, 15.93 and 12.85 euros, respectively.

Island rental prices - well above national average

The Mediterranean islands which are quite popular as a tourist destination – a fact that has negatively impacted their housing market – stand much higher than the national average in terms of rental prices, which stands at 11.32 euros per square metre.

In terms of cities, the region’s capital – Palma – has actually placed as the fourth most expensive in Spain in terms of its rental market, given that compared to the metropolises like Madrid and Barcelona, it’s rather modest-sized.

The Balearic capital’s rental prices have surged by 13.7% compared to the year before, even though they slightly dropped from January to February 2024. You can expect to pay an average of 16.66 euros per square metre there.

Overall, rental prices in Spain have jumped by 7,9% on a year-to-year basis. In terms of the biggest rental inflation rate, it is the country’s other island region – the Canaries – that leads the way, however. Compared to February 2023, the rental prices in the Atlantic archipelago have risen by 23.78% with Las Palmas de Gran Canaria recording the highest increase as a province with 24.59%.