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Rental Costs Continue to Rise in November

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Rental Costs Continue to Rise in November

admin | 11th December 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain, Statistics/Figures

Rental costs up a massive 14.7% in November

The cost of renting a home in Spain increased by 6.5% in November, when compared to the previous month. Looking at the year-on-year increase, the average cost per square metre has risen a massive 14.7%. This brings the average cost per square metre per month to €13.13, pushing the average cost of an 80m² apartment to €1,050 per month.

This interannual increase is the largest detected in the last 74 months (6.2 years, since October 2018). In the last 12 months, the price of housing has gone from €11.45 p/m² in November 2023 to €13.13 p/m² in November 2024.

“The increase in rental costs has continued to be the trend for two consecutive years and has once again set a new maximum price. This sharp increase is due to the fact that the previous year, the increase was milder, but it is still the highest increase since 2018. The problem of imbalance between low supply and high demand pushes the price up without allowing it to moderate. Faced with a market that is increasingly less dynamic, more compact and very difficult to access, the inequalities and vulnerabilities of citizens with lower incomes are exposed, as they are expelled from the market, due to not being able to cope with these prices. Prices will likely continue to rise next year,” explained María Matos, director of Studies and spokesperson for Fotocasa.

Autonomous Communities

If we analyse rental prices compared to those of a year ago, we see that 16 of the 17 communities saw an increase in their year-on-year price in November. The autonomous communities with increases of more than 10% are: Madrid (20.9%), Castilla-La Mancha (18.6%), Asturias (17.5%), Catalonia (13.0%), Region of Murcia (12.9%), La Rioja (12.3%), Valencian Community (11.6%), Galicia (11.4%), Extremadura (11.3%), Aragon (10.9%), Basque Country (10.2%) and Navarra (10.1%).

As for the ranking of communities with the most expensive housing prices to rent a home in Spain, the four with monthly prices higher than €15.00 p/m² per month are: Madrid (€20.72 p/m²), Catalonia (€17.91 p/m²), the Balearic Islands (€17.35 p/m²) and the Basque Country (€16.75 p/m²). They are followed by the Canary Islands (€13.92 p/m²), the Valencian Community (€12.75 p/m²), Navarre (€12.13 p/m²), Cantabria (€11.46 p/m²), Andalusia (€10.86 p/m²), Asturias (€10.80 p/m²), Aragon (€10.07 p/m²), Galicia (€9.49 p/m²), La Rioja (€9.42 p/m²), the Region of Murcia (€9.13 p/m²), Castile and Leon (€9.09 p/m²), Castile-La Mancha (€7.40 p/m²) and Extremadura (€6.70 p/m²).

Provinces

In 46 of the 49 provinces, the year-on-year price of rental housing increased in November 2024, except for Cantabria, Teruel and Araba – Álava. Increases of more than 10% occurred in 22 (45%) provinces.

The provinces with year-on-year increases greater than 10% are: Palencia (25.9%), Huesca (25.2%), Lugo (21.2%), Madrid (20.9%), Asturias (17.5%), Cáceres (17.2%), Zamora (16.2%), Seville (16.1%), Gipuzkoa (15.4%), Toledo (14.5%), Barcelona (14.3%), Segovia (14.0%), A Coruña (13.1%), Murcia (12.9%), La Rioja (12.3%), Santa Cruz de Tenerife (11.9%), Girona (11.5%), Alicante (11.4%), Almería (10.3%), Navarra (10.1%), Valencia (10.0%) and Albacete (10.0%). The provinces with year-on-year decreases are Araba – Álava (-12.1%), Teruel (-1.4%) and Cantabria (-0.6%).

The six most expensive provinces for renting per month are Madrid (€20.72 p/m²), Barcelona (€20.28 p/m²), Gipuzkoa (€19.22 p/m²), the Balearic Islands (€17.35 p/m²), Bizkaia (€16.14 p/m²) and Málaga (€15.01 p/m²). The three cheapest provinces to rent a home are: Jaén (€5.89 p/m²), Ciudad Real (€6.17 p/m²) and Teruel (€6.25 p/m²).

Cost of Renting a Home in Spain Up in October

admin | 21st November 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain, Statistics/Figures

Cost of renting a home in Spain continues to rise

The price on rental housing in Spain increased by 2.9% in October, when compared to September. When comparing the price to the previous year, we see an increase of 9.8%. This brings the average cost per square metre to €12.33 p/month. The annual increase of 9.8% is the highest detected in the last 20 months.

Spain has gone from a year-on-year variation of 7.1% in October 2023 to this new figure of 9.8%. In monetary terms, this amounts to an increase of €1.10 per square metre per month. Thus, an average rental of 80 square metres would have cost €898 per month in October 2023 but has now risen to €986 per month.

“The rental price reaches its maximum growth in the month of October. It is the highest variation of the year, since it is close to 10% increase at the national level. Six autonomous communities show double-digit increases and the rest very large increases, which indicates that the rental price is under great pressure. However, the acceleration in rental prices has been taking place continuously since 2022, causing the price to reach its highest records during 2024 in all communities, except for Aragón and Castilla La-Mancha, which will do so in the coming months. The reason for this warming is the great growing imbalance between supply and demand, in which both parties are further apart than ever,” says María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

If we analyse rental prices compared to those of a year ago, we see that 16 of the 17 communities saw a year-on-year price increase in October. The autonomous communities with increases greater than 10% are: Madrid (18.3%), Castilla-La Mancha (17.5%), Region of Murcia (13.2%), Asturias (12.4%), Navarra (12.2%) and Galicia (10.4%). They are followed by the regions of La Rioja (9.7%), Andalusia (9.1%), Aragon (8.9%), Castile and Leon (8.5%), Valencian Community (8.5%), Canary Islands (8.2%), Basque Country (7.4%), Extremadura (5.7%), Catalonia (4.1%) and the Balearic Islands (2.2%).

As for the ranking of Autonomous Communities with the most expensive rental prices in Spain, the four with monthly prices above €15.00 p/m² are: Madrid (€19.82 p/m²), the Balearic Islands (€17.35 p/m²), Catalonia (€16.33 p/m²) and the Basque Country (€16.20 p/m²). They are followed by the Canary Islands (€14.17 p/m²), the Valencian Community (€12.32 p/m²), Navarre (€12.04 p/m²), Cantabria (€11.26 p/m²), Andalusia (€10.50 p/m²), Asturias (€10.45 p/m²), Aragon (€9.82 p/m²), Galicia (€9.32 p/m²), the Region of Murcia (€9.09 p/m²), La Rioja (€9.06 p/m²), Castile and Leon (€8.96 p/m²) and Castile-La Mancha (€7.33 p/m²). Extremadura is the region with the cheapest price (€6.50 p/m²).

Provinces of Spain

In 47 of the 50 provinces, the year-on-year price of property to rent in Spain increased in October 2024, except for Cantabria, Teruel and Araba – Álava. Increases of more than 10% occurred in 16 provinces.

The order of the provinces with year-on-year increases of more than 10% are: Zamora (19.6%), Palencia (18.6%), Madrid (18.3%), Lugo (17.3%), Burgos (16.4%), Huesca (14.0%), Soria (13.9%), Murcia (13.2%), Asturias (12.4%), Navarra (12.2%), Ciudad Real (11.5%), A Coruña (11.4%), Cáceres (10.9%), Seville (10.9%), Alicante (10.6%) and Albacete (10.5%). The provinces which showed year-on-year decreases are: Cantabria (-1.1%), Teruel (-7.1%) and Araba – Álava (-11.8%).

The five most expensive provinces for monthly rental costs are Madrid (€19.82 p/m²), Barcelona (€19.03 p/m²), Gipuzkoa (€18.04 p/m²), the Balearic Islands (€17.35 p/m²) and Bizkaia (€15.81 p/m²). The three cheapest provinces to rent a home are: Jaén (€5.65 p/m²), Teruel (€6.05 p/m²) and Ciudad Real (€6.22 p/m²).

Cost of Spanish Housing Up 9.5% in October

admin | 13th November 2024 | Andalucía, Costa del Sol, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Property prices continue to rise across Spain

October saw the price of second-hand housing increase by 0.4% when compared to the previous month. On the annual basis, the average cost increased by 9.5%. These increases bring the average cost per sqaure metre to 2,363 euros. The annual increase of 9.5% is the highest seen in the last 12 months.

“The residential market maintains an upward trend in prices, completing two years since the first adjustment in monetary policy and the rise in interest rates. Currently, the increase in prices is mainly due to the strong imbalance between supply and demand: the purchase demand, very active and reinforced by attractive mortgage conditions, continues to put pressure on a limited supply, which further strains prices. This dynamic is likely to persist in the coming months, driven by a need for housing that far exceeds the availability of properties on the market,” explained María Matos, Director of Studies at Fotocasa.

Spain has gone from a year-on-year variation of 6.6% in October 2023 to 9.5% detected in the same period in 2024. In the last 12 months analysed, the price of housing has increased by 204 euros per square metre, rising from €2,159 p/m² in October 2023 to €2,363 p/m² in October 2024.

Price by Autonomous Community

If we analyse the prices of housing for sale in Spain compared to those of a year ago, we see that 17 communities have increased the year-on-year price in October. The increases of more than 10% affect six communities and they are: Valencian Community (20.5%), Madrid (19.7%), Balearic Islands (17.9%), Region of Murcia (15.8%), Andalusia (15.2%), Canary Islands (13.9%), Cantabria (10.9%) and Galicia (10.5%). They are followed by the communities of Asturias (9.4%), Basque Country (6.0%), Castile and Leon (4.4%), Castile-La Mancha (4.2%), Extremadura (3.3%), Aragon (2.2%), Navarre (2.0%), Catalonia (1.7%) and La Rioja (0.1%).

Regarding the ranking of prices of second-hand housing in Spain, the most expensive are found in the Balearic Islands and Madrid with prices of €4,485 p/m² and €4,281 p/m², respectively. They are followed by the Basque Country (€3,220 p/m²), Catalonia (€2,807 p/m²), the Canary Islands (€2,714 p/m²), Andalusia (€2,235 p/m²), Cantabria (€2,085 p/m²), Navarra (€2,084 p/m²), Comunitat Valenciana (€2,033 p/m²), Galicia (€1,879 p/m²), Asturias (€1,801 p/m²), Aragon (€1,770 p/m²), La Rioja (€1,658 p/m²), Castile and Leon (€1,534 p/m²), Region of Murcia (€1,458 p/m²), Extremadura (€1,247 p/m²) and Castile-La Mancha (€1,231 p/m²).

Provinces

In 43 of the 50 provinces analysed (86%) the year-on-year price of housing rose in October. In 18 provinces it exceeded 10%, specifically in Alicante (22.4%), Malaga (19.7%), Madrid (19.7%), Segovia (19.0%), Illes Balears (17.9%), Toledo (17.3%), Murcia (15.8%), Granada (14.9%), Castellón (14.4%), Pontevedra (14.3%), Valencia (13.8%), Lugo (13.7%), Las Palmas (13.3%), Cádiz (12.2%), Santa Cruz de Tenerife (11.4%), Valladolid (11.1%), Cantabria (10.9%) and Girona (10.4%).

As for prices, Illes Balears and Madrid have exceeded 4,000 euros per square metre. The two provinces with the highest prices are: the Balearic Islands with €4,485 p/m², followed by Madrid with €4,281 p/m². On the other hand, the province with the price per square metre below €1,000 is Ciudad Real with €954 p/m².

Cost of Renting in Spain Fell in Q3

admin | 21st October 2024 | Andalucía, Costa del Sol, Málaga, Marbella, News, Prices, Property Market, Rental Property, Renting, Spain

Q3 saw the cost of renting fall by 5.3%

The price of rental property in Spain showed a decrease at the end of the third quarter, registering a -5.3% change. When compared to the same period of the previous year, prices increased by 7.4%.

These changes bring the average cost of renting a home in Spain to 11.98 euros per square metre, per month.

“The quarterly decrease is a common trend repeated in each of the third quarters of the last 18 years, which gives a slight respite to the rental price, which reached its peak last June 2024. However, the year-on-year rate continues to increase sharply, due to the great imbalance between supply and demand. September, the start of the season for many tenants, brings with it high prices, less available supply and poor condition of the homes, which become the biggest obstacles for applicants. This scenario has resulted in an extremely compact market, with limited turnover and a search process that is getting longer, making it increasingly difficult to access a rental home,” explained María Matos, Director of Studies and spokesperson for Fotocasa.

Autonomous Communities

In the Autonomous Communities, this third quarter of 2024 presented 14 quarterly falls (compared to nine in 3Q-2023) and 17 year-on-year increases. The communities that registered decreases in Q3 are: Cantabria (-15.7%), Catalonia (-8.7%), Murcia Region (-8.2%), the Balearic Islands (-7.1%), Andalusia (-4.9%), Galicia (-4.9%), Extremadura (-3.6%), Valencian Community (-2.7%), Basque Country (-2.5%), Castile and Leon (-2.0%), Aragon (-1.8%), the Canary Islands (-1.5%), Asturias (-0.8%) and Madrid (-0.5%). The three communities with quarterly increases in rental prices are: La Rioja (3.5%), Navarra (2.6%) and Castilla-La Mancha (1.0%).

Regarding the price of property for rent in Spain ranking by communities, Madrid occupies the top spot with an average cost of 19.61 €/m² per month. They are followed by the Balearic Islands (€16.81 p/m² per month), Catalonia (€15.75 p/m² per month), the Basque Country (€15.70 p/m² per month), the Canary Islands (€13.66 p/m² per month), the Valencian Community (€12.09 p/m² per month), Cantabria (€11.58 p/m² per month), Navarra (€11.50 p/m² per month), Asturias (€10.27 p/m² per month), Andalusia (€10.04 p/m² per month), Aragon (€9.61 p/m² per month), Galicia (€9.14 p/m² per month), La Rioja (€8.87 p/m² per month), Castile and Leon (€8.87 p/m² per month), Region of Murcia (€8.75 p/m² per month), Castile-La Mancha (€8.75 p/m² per month), and Extremadura (€6.67 p/m² per month).

Provinces

In the provinces, this third quarter of 2024 presents 40 quarterly falls and 46 year-on-year increases. The ten provinces with the largest quarterly decreases in housing prices during this period are: Huelva (-16.5%), Cantabria (-15.7%), Guadalajara (-9.5%), Murcia (-8.2%), Cádiz (-8.0%), Pontevedra (-7.9%), Araba (-7.6%), Jaén (-7.6%), Soria (-7.5%) and Almería (-7.2%). The provinces with quarterly increases are Palencia (10.9%), Huesca (6.7%), Valladolid (5.4%), Ciudad Real (3.6%), La Rioja (3.5%), Santa Cruz de Tenerife (3.0%), Teruel (2.6%), Navarra (2.6%) and Albacete (1.6%).

As for the price ranking by province, Madrid and Barcelona occupy the top positions and exceed the barrier of €18.00 p/m² at the end of 2018. month. The price in Madrid is €19.61 p/m² per month and for Barcelona €18.17 p/m² per month. The cheapest provinces are Jaén (€5.70 p/m² per month), Teruel (€6.29 p/m² per month), Ciudad Real (€6.31 p/m² per month), Ourense (€6.54 p/m² per month), Badajoz (€6.64 p/m² per month) and Cáceres (€6.71 p/m² per month).

Sales and Prices Continue to Rise in 2024

admin | 4th October 2024 | Andalucía, Buying, Costa del Sol, Málaga, Marbella, News, Prices, Property For Sale, Property Market, Spain, Statistics/Figures

Demand is still driving prices up in Spain

The number of homes sales in Spain increased by 19.4% in July, when compared to the same month in 2023.

The total number of transferred properties in the property registers was 12.2% more than the previous year, at 191,192. Of these, 108,003 were sales, according to figures from the INE.

87.8% of the registered property sales in July corresponded to urban properties, and 12.2% to rural properties. In the case of urban properties, 60.4% were home sales. The number of rural property sales increased by 16.2% in July on an annual basis, and that of urban properties by 17.8%. Within the latter, home sales registered an annual increase of 19.4%.

19.7% of the homes sold in July were new build properties, while 80.3% were second hand. The number of sales of new homes increased by 38.6% compared to July 2023, and that of used homes by 15.5%.

The Autonomous Communities of Navarra (46.9%), Cantabria (23.4%) and Extremadura (21.1%) recorded the highest annual rates of change in July in the total number of properties transferred. Meanwhile, Madrid (1.3%), the Balearic Islands (2.3%) and Andalusia (8.8%) had the lowest annual increases.

As for registered home sales, the communities that showed the highest increases were the Navarra (42.3%), Cantabria (32.1%) and La Rioja (31.6%). Meanwhile, the Balearic Islands (-2.5%) recorded the only decrease.

Prices

Second-hand prices for housing in Spain increased by 1.2% in the third quarter and by 9.5% year-on-year.

The increase seen in September brings the average price of housing for sale to 2,355 euros per square metre.

When we look at the data from just a year ago, Spain has gone from a year-on-year variation of 7% in September 2023 to 9.5% in the same period in 2024. In the last 12 months, the price of housing has gone from €2,151 p/m² in September 2023 to €2,355 p/m² in September 2024.

“The price of housing continues to increase very significantly due to a growing imbalance between supply and demand, especially in the most in-demand areas. The capacity of the real estate market in these areas is becoming increasingly limited, as the available supply is insufficient to absorb the high demand for purchases. This generates considerable upward pressure on prices. The scenario of sustained price increases has persisted over the last two years, coinciding with the increase in interest rates driven by the European Central Bank. However, with the recent moderation of rates, the drop in the Euribor and the improvement in mortgage conditions, the purchase demand that remained paralyzed will likely return to the market with force, which could intensify the pressure on the supply of available homes and continue to drive prices up,” explained María Matos, director of Studies and spokesperson for Fotocasa.

Prices by Community

In the third quarter of 2024 we saw 14 quarterly increases and 17 year-on-year increases. The Community with the highest quarterly increase is the Valencian Community (5.5%), followed by the Balearic Islands (4.1%), Galicia (3.8%), Andalusia (3.4%), Region of Murcia (3.1%), Asturias (3.1%), Canary Islands (3.0%), Cantabria (2.7%), Madrid (1.3%), Basque Country (0.8%), Castilla y León (0.8%), Extremadura (0.6%), Aragon (0.6%) and Castilla-La Mancha (0.2%). The regions where the price of second-hand housing has dropped are Navarra (-1.7%), Catalonia (-0.6%) and La Rioja (-0.5%).

As for the price ranking by communities, the Balearic Islands and Madrid occupy the top positions, and exceed the barrier of 4,000 euros. The price in the Balearic Islands reached €4,428 p/m² and Madrid €4,267 p/m². Both communities reach maximum prices, exceeding previous records. They are followed by the communities of the Basque Country (€3,212 p/m²), Catalonia (€2,830 p/m²), the Canary Islands (€2,659 p/m²), Andalusia (€2,214 p/m²), Cantabria (€2,067 p/m²), Navarra (€2,063 p/m²) and the Valencian Community (€2,014 p/m²). On the other hand, the communities of Extremadura and Castilla-La Mancha are the cheapest (€1,231p/m² and €1,224p/m²).

Provinces

In the provinces of Spain, this third quarter of 2024 showed 38 quarterly increases (76%) and 45 year-on-year increases (90%). The three provinces with the highest quarterly increases are Valencia (6.3%), Lugo (5.9%) and Castellón (5.8%). The three provinces that presented the largest quarterly decreases are Teruel (-7.5%), Soria (-3.5%) and Ávila (-3.3%).

Regarding the price ranking by province, six exceed the €3,000 barrier. The order of the provinces with the highest housing prices is the Balearic Islands (€4,428 p/m²), Madrid (€4,267 p/m²), Malaga (€3,787 p/m²), Gipuzkoa (€3,589 p/m²), Bizkaia (€3,113 p/m²) and Barcelona (€3,084 p/m²).

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Rental Costs Continue to Rise in November