The price of rental housing continues its upward trend in the capital of Lanzarote, with the square meter at 8.3 euros in Arrecife, 3.9% more than the previous month and 7.3% more year-on-year, according to the latest Idealista report.
This is the maximum peak recorded during this year, a figure that had not been reached since August 2020, although still far from the historical peak of October 2019, when a price of 8.9 euros per square meter was reached.
In any case, this figure is already similar to those recorded before the pandemic, which revolved around 8.4 euros.
Rises 5.8% during the second quarter in the Canary Islands
In any case, this rise has not been limited to the island of Lanzarote, but has been felt throughout the Canary archipelago, which already marks a price of 11.1 euros per square meter, a historical record of prices.
If we take into account the data from the previous quarter, the increase has been 5.8%, but if we compare it with 2021, the increase doubles, with a price increase of up to 11.5%.
Specifically, the cost of rental housing has risen by 5.7% in the province of Las Palmas to 11.8 euros per square meter, and 5.3% in that of Santa Cruz de Tenerife to 10 euros in the last three months. This is the highest price ever recorded in both provinces.
"The rise that rents have experienced this quarter is no surprise, it is the result of the reduction in available supply and housing policies that, far from bringing new product to the market, have frightened investors and savers and reduced the housing stock", said Francisco Iñareta, spokesman for Idealista. "Despite the increase in rents, in the most stressed markets prices are still below their historical highs and are likely to remain so; firstly because the stock trend seems to be reversing in recent months, and the current situation is already what we had before the pandemic. And on the other hand, the inflationary situation we are going through reduces the payment capacity of future tenants.”
