Rental prices are rising in most Spanish cities, led by Barcelona up almost 66% in the last five years, reports the Spanish press.
With the Spanish economy recovering, we have seen major changes in the nation’s real estate market over the past year, with mortgage registrations and property sales being on the rise. We are currently seeing rental prices now soaring far above what they were just five years ago.
The new trend is being lead in Barcelona, where average rental prices have rised from €892/month in 2012, to €1,478 today, an increase of 65.7%.
In Palma de Mallorca, rental prices have gone from €700/month five years ago, to €986/month today, up 40%.
In Madrid, prices have risen 20% from €1,048/month to €1,256/month today.
In the cases of Palma and Barcelona, tourist rental demand is one of the big factors driving up prices for locals. So expect more political opposition and hostile legislation towards holiday rentals.
Rental prices are rising in most of Spain’s cities, with the exception of Santander, capital of the northern region of Cantabria, where prices have fallen 3% in the last five years to €649/month on average.
With the rise in rental prices well underway, combined with the Costa del Sol’s record-breaking year for tourism and property sales, we can expect the trend to continue in Marbella and the surrounding areas.
At Agency Marbella, we offer many opportunities for those wanting to invest in rental properties in Marbella and on the Costa del Sol. Don’t hesitate to contact us today for more information.