Balearics rents hit €20.13 after 5.4% August rise

Renting a home in the Balearic Islands costs an average €20.13 per square metre a month in August, after prices rose 5.4% over the year. The figures come from property portal Fotocasa’s rental index. Only Madrid is dearer, at €21.78 per square metre a month.

Across Spain, rents rose 1.6% from July and 2.4% over the year, reaching €14.36 per square metre. Fotocasa said this was the first annual increase after July’s 1.6% fall.

The Balearic rise sits below the sharpest increases: Comunidad Valenciana recorded 14.3%, Castilla-La Mancha 13.5% and Aragón 11.4%. Prices fell in La Rioja by 3.6%, Catalonia by 3.4% and Navarra by 1.3%.

Fotocasa’s director of studies and spokeswoman María Matos said the slower growth points to a market settling after years of steep rises. But she said it was not the result of more homes becoming available: households are reaching the limit of what they can afford as rents remain high.

Topics: Housing

Source: Europa Press / Mallorca.com