Rent in the Canary Islands registered an average price of 10.47 euros per square meter in October 2023, which meant a monthly increase of 2.55%, the fourth highest in Spain, according to the monthly rental price report from the company pisos.com.
Compared to October 2022, it grew by 12.98%, while the national average is 7.3%. Thus, the Canary Islands is the fourth autonomous community in the list of largest increases.
The Canary Islands was the fourth autonomous region with the most expensive monthly payment for tenants, behind the Balearic Islands (15.91 €/m²), among others. For its part, the standard rental apartment in Spain had an average price per square meter of 11 euros in October 2023. This figure showed a monthly increase of 0.64%.
Ferran Font, director of Studies at pisos.com, highlights that "although many developers are focusing on rentals, dedicating a greater percentage within their projects, this new offer does not serve to solve the problem we have in the short term, since these units will still take months or years to be available."
In this sense, the manager emphasizes that "protecting the vulnerable tenant is an essential task, but to stop the withdrawal of rental apartments from the market, it is also essential to give security to the owners who feel defenseless against the regulations," concludes Font.
The province of Las Palmas is the fifth most expensive in Spain
Compared to September, both Canary provinces rose. Santa Cruz de Tenerife (2.69%) was the ninth that grew the most in Spain and Las Palmas (2.36%) rebounded somewhat less. In the year-on-year variation, both rose again. The increase in Las Palmas (10.34%) was more contained than that of Santa Cruz de Tenerife (14.36%), which was the seventh that grew the most in the country.
With 10.85 euros per square meter in October 2023, Las Palmas was the fifth most expensive province in the country, while Santa Cruz de Tenerife, with 9.91 euros, was the sixth.
As for the Canary capitals, both rose monthly. Santa Cruz de Tenerife (1.49%) moderated its revaluation, but Las Palmas de Gran Canaria (2.66%) registered the seventh highest rebound in Spain.
From one year to another, both Canary capitals rose. Las Palmas de Gran Canaria (17.71%) showed the eighth largest increase in Spain. Santa Cruz de Tenerife (13.25%) was the tenth in this same ranking.
In the section of average monthly rents, Las Palmas de Gran Canaria (13.31 €/m²) was the eighth most expensive in Spain, while Santa Cruz de Tenerife (11.31 m²) was somewhat more affordable.
