Living in the Balearic Islands costs more and more: rents soar by almost 600 euros in five years

The rental price in the Balearic Islands continues its unstoppable escalation and once again places the archipelago among the autonomous communities with the greatest tensions in the real estate market. According to the Fotocasa real estate index, published on Wednesday, tenants today pay 135 euros more per month than a year ago, and 592 euros more than five years ago.

These increases consolidate the Balearic Islands as the second autonomous region with the highest year-on-year increase in absolute terms, only behind Catalonia, where rents have risen 303 euros per month over the previous year.

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Continued year-on-year growth

The study also details the evolution of rental prices in different time intervals. In the Balearic Islands, the average cost has increased:

• 166 euros in the last two years.

• 404 euros in the last three years.

• 570 euros in the last four years.

• 592 euros in the last five years.

These data reflect increases ranging from 10% in the last year to 64% in the last five years, a trend that confirms the growing difficulty of accessing housing in the archipelago, both for residents and newcomers.

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The average home now costs more than 1,500 euros per month

The real estate index places the average rental price for an 80 square meter apartment in the Balearic Islands at 1,523 euros, a figure corresponding to October of this year. Just a year ago, the same apartment cost 1,388 euros, and five years ago it could be rented for 931 euros, which shows the strong pressure on the market.

A structural problem that continues unabated

Although the report does not detail the causes of the increase, the Balearic market continues to be marked by high demand, the scarcity of available housing and the special pressure of the tourist and residential market, factors that have made the Balearic Islands one of the most stressed regions in Spain.

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