Rentals rise more than 7% in the Canary Islands so far this year

The average rental prices in the archipelago more than double those of Extremadura, the only Spanish territory with lower salaries than the Canary Islands

EKN

April 14 2025 (10:01 WEST)
Updated in April 14 2025 (12:46 WEST)
Aerial view of homes in Arrecife, where there is a great shortage of rental apartments
Aerial view of homes in Arrecife, where there is a great shortage of rental apartments

In the first three months of 2025, Canary Islands has closed the first quarter of the year 2025 with a quarterly increase in rentals of 7.2% and an interannual increase of 7.6%, according to data from the Fotocasa Real Estate Index. 

These increases detected in March place the average price of rental housing in the Canary Islands at 14.47 euros per square meter per month.

By provinces, prices have risen more in Santa Cruz de Tenerife (8.8%) than in the province of Las Palmas (5.5%). 

The municipalities with the greatest increases are: Santa Cruz de Tenerife capital (14.3%), San Bartolomé de Tirajana (8.0%), Arona (5.4%), Las Palmas de Gran Canaria (5.3%), Güímar (4.8%) and San Cristóbal de la Laguna (0.2%). On the other hand, the cities in which quarterly decreases are presented are Puerto de la Cruz (-0.2%) and Telde (-0.6%).

Regarding the price classification by cities, Adeje is paid 22.91 euros per square meter, followed by San Bartolomé de Tirajana with 20.11 €/m2 per month, 

“We are experiencing the greatest increase in rent in the recent history of Spain. The causes are clear: a demand at historical highs and a supply at structural lows that strain the market upwards. The average rents that already exceed 1,000 euros per month nationally and reach 1,500 euros in large cities, tourist areas and archipelagos. Since 2022, the price has been increasing worryingly, which represents a serious obstacle to housing access for 40% of tenants,” comments María Matos, director of Studies and spokesperson for Fotocasa.

In the Autonomous Communities, this first quarter of 2025 is presented with 15 quarterly increases and 17 interannual increases. In March, six of them have exceeded their maximum prices and are: Canary Islands with 14.47 euros per square meter per month, Extremadura with 7.07, Galicia with 9.77, Region of Murcia with 9.57, Comunitat Valenciana with 13.04 and Castilla y León with 9.29.

The order of the quarterly increases is: Cantabria (10.0%), Canary Islands (7.2%), Castilla-La Mancha (5.0%), Andalusia (4.1%), Extremadura (3.7%), Galicia (3.6%), Aragon (2.7%), Balearic Islands (2.6%), Region of Murcia (2.4%), Comunitat Valenciana (2.0%), Catalonia (1.9%), Castilla y León (1.8%), Asturias (1.6%), Madrid (1.2%) and Navarra (0.5%). On the other hand, the quarterly decreases occurred in the communities of Basque Country (-11%) and La Rioja (-2.5%).

Regarding the price classification by communities, Madrid is paid 20.86 euros per square meter. They are followed by the communities of Catalonia with 18.29 euros per month, Balearic Islands with 17.91, Basque Country with 16.41, Canary Islands with 14.47, Comunitat Valenciana with 13.04, Cantabria with 12.49, Navarra with 12.04, Andalusia with 11.33, Asturias with 10.80, Aragon with 10.56, Galicia with 9.77, Region of Murcia with 9.57, Castilla y León with 9.29, La Rioja with 8.95, Castilla-La Mancha with 7.62 and Extremadura with 7.07.

 

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