After reaching historical highs at the end of 2022, when the square meter of a rental apartment in Arrecife reached an average of 10 euros per square meter, prices have begun to moderate.
Last January, according to the price report from Idealista.com, rental prices decreased by 9% in contrast to the strong growth that prices had experienced last year. Between January and December 2022, rents had increased by an average of 30.8%.
If renting a 70 square meter apartment in the island's capital cost an average of 546 euros in January 2022, in December, the same apartment already cost 700 euros. The price reduction this January translates into a cost of 637 euros on average for the same type of apartment.
After accumulating eight consecutive months of increases, the prices of rental housing in Arrecife are taking a break and reducing the price per square meter to 9.1 euros on average.
