Balearics rents pass €20 as Palma rise hits 15 months

Renting a home in the Balearic Islands cost an average €20.13 per m² a month in August, after prices rose 5.6% from July. The figure was 5.4% higher than a year earlier, leaving the islands as Spain’s second-costliest region for rental homes, according to Fotocasa’s property index.

Fotocasa says the pace of rises has eased compared with earlier years because families are reaching the limits of what they can afford. But demand remains very high while the number of homes available to rent is low.

Palma keeps climbing

In Palma, Mallorca, the average rent reached €20.08 per m² a month in August. That was a 6.7% annual increase and marked the city’s 15th consecutive month of year-on-year rises.

Eivissa leads the price list

Eivissa recorded the sharpest annual increase among the places listed, up 21.2%, followed by Santa Eulària des Riu at 13.9%. Eivissa also had the highest August price at €24.26 per m² a month.

Calvià stood at €23.14, while Santa Eulària des Riu was at €23.12. Sant Josep de sa Talaia reached €22.99, Sant Antoni de Portmany €22.33, Alcúdia €19.76 and Llucmajor €17.36 per m² a month.

Topics: Housing · Economy · Palma · Calvià · Alcúdia · Llucmajor

Source: Europa Press / Mallorca.com