Housing rentals in the Canary Islands are 57% more expensive than they were in 2007, the second largest increase after the Balearic Islands.
Throughout Spain, the price of rentals has touched historical highs, exceeding the level registered in 2007 at the height of the real estate bubble by 14%, reaching 11.55 euros/m2, according to data handled by the Fotocasa real estate portal.
With all this, the current price of leases exceeds the 10.12 euros/m² that was recorded 15 years ago.
With growth rates exceeding 50% since the values of 2007 are the Balearic Islands (62%) and the Canary Islands (57%).
According to Fotocasa, we cannot speak of a bubble in the rental market, but rather of an overprice, while emphasizing that since salaries do not grow at the same rate as housing, there is a risk of very substantial inaccessibility.
In Asturias, Aragon and Castilla-La Mancha prices fell
All autonomous communities, except Asturias, Aragon and Castilla-La Mancha, have a higher price than that registered in 2007.
In most of the autonomous regions, in 11 of the 17, the percentage increases reach double digits. In addition to the increases registered in the two archipelagos, the following stand out with increases of 20%: Madrid (37.6%); Navarre (32.4%); Valencian Community (30.8%); Catalonia (26%); Castilla y León (25.8%) or Extremadura (21.3%), according to the Fotocasa Real Estate Index.
The portal points out that in the most strained communities, the price of rental housing is between 60% and 30% above the previous maximum price, a large distance that has occurred in just one year.
During 2022 most of the autonomous regions broke a price record by reaching the levels of 2007, but they did not stay at that point, but have continued to increase their price until exceeding the data registered at the height of the bubble, insists the director of Studies of Fotocasa, María Matos.
In addition, in 26 of the 27 provincial capitals analyzed, the maximum rental prices were exceeded in comparison with those registered in 2007. With all this, 96% of the capitals in Spain have reached new highs.
The capitals that present increases greater than 50% stand out: Málaga capital (61.7%), Las Palmas de Gran Canaria (59.9%) or Palma de Mallorca (58.2%).
Also those that show increases above 20%: Valencia capital (45.4%); Barcelona capital (37.1%); Alicante capital (36.3%); Ourense capital (32.4%); Madrid capital (32.4%); Salamanca (31.9%); León (28%); Huelva (27.1%); La Coruña capital (26.8%); Santa Cruz de Tenerife capital (21.6%) or Bilbao (20.2%).
