The price of rental housing in the Balearic Islands has experienced a monthly decrease of -2.3% in November, according to data from the Fotocasa Real Estate Index. This decline occurs in a context in which the market continues to show great volatility, which has generated a fall in rental prices compared to October. However, in year-on-year terms, the situation is very different.
Year-on-year increase of 7.2% in Balearic Islands
Despite the monthly drop, the price of rent in the Balearic Islands has risen by 7.2% compared to the same month last year. This means that, in absolute terms, prices have increased by 1.25 euros per square meter compared to November 2023. If a standard 80 square meter home is taken as a reference, the rental price has increased by 125 euros more than a year ago. This reflects the upward trend that the rental market continues to experience, despite short-term fluctuations.
Trend in the rest of the autonomous communities
The analysis carried out by Fotocasa highlights that, of the 17 autonomous communities in Spain, 16 have seen an increase in year-on-year rental prices. The communities with the highest increases are Castilla-La Mancha (13.8%), Catalonia (13.1%) and Extremadura (9.9%). On the other hand, Madrid has recorded a slight year-on-year decrease of -0.3%, marking the first year-on-year decrease in the Community of Madrid in 45 months, since February 2022.
The communities with the most expensive rents
As for the highest prices per square meter, the five autonomous communities with the most expensive rents are:
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Madrid with 20.66 euros/m2
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Catalonia with 20.25 euros/m2
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Balearic Islands with 18,60 euros/m2
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Basque Country with 17.50 euro/m2
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Canary Islands with 15.13 euros/m2
The Balearic Islands remains one of the communities with the highest rental prices, with a cost of over 18 euros per square meter, behind only Madrid and Catalonia.
Rental prices in the most important municipalities of the Balearic Islands
Within the Balearic Islands, some municipalities stand out for having high rental prices. According to Fotocasa data, in Ibiza rental prices have risen by 19.2% compared to the previous year, being the municipality with the highest increase on the island. Other municipalities with significant increases are Palma (6.5%) and Calvià (1.4%).
Prices per square meter in November in the municipalities of the Balearic Islands
In terms of price per square meter in November, the municipalities with the highest rents are:
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Calvià: 23.15 euros/m2
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Ibiza: 22.38 euros/m2
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Santa Eulària des Riu: 20.08 euros/m2
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Sant Josep de sa Talaia: 19.93 euros/m2
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Sant Antoni de Portmany: 19,51 euros/m2
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Alcúdia: 19.45 euros/m2
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Palma: 18.73 euros/m2
On the other hand, the municipalities with the lowest prices are Manacor (12.39 euros/m2) and Santa Margalida (13.50 euros/m2), being the most accessible for tenants on the island.
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