Posted on July 19, 2016 in Property

The price of rental housing in Barcelona has climbed by 22.4% in the past 12 months, to stand at an average of 16.1 euros per square metre per month, representing an all-time high. Moreover, the latest quarterly report from property portal, idealista.com, reveals that rental prices in the city of Barcelona are up to four times more expensive than in other provincial capitals such as Ávila, Lugo or Cáceres.

The report also shows that the Barcelona rental market is almost 23% more expensive than Madrid, the second most expensive rental market in Spain, but that, despite the high prices, 15% of the home rentals in the country’s two main cities are rented in less than 48 hours, and half of them take less than a month to find a tenant.

In fact, according to the portal, the real estate rental market in Spain is enjoying a very buoyant period, with average prices growing throughout the country by 5.8% during the second quarter of 2016, placing the average price per square metre at 7.8 euros per month. Year-on-year, this increase stands at 8.5%.

All of Spain’s regions registered quarter-on-quarter increases, the greatest being the rise registered in Catalonia, where the average price increased by 7.7% over the previous quarter, followed by the Canary Islands (6.5%) and La Rioja (6.4%). In contrast, the regions to register the most minor increases were Navarra (0.3%), Asturias (1%), the Balearic Islands (1%) and Galicia (1.6%).

In the ranking of prices, Madrid continues to be the most expensive region, with average rental prices standing at 11.9 euros/m2,  followed by Catalonia (11.8 euros/m2), the Balearic Islands (10.1 euros/m2) and the Basque Country (9.9 euros/m2), while the regions with the most affordable rental prices are Extremadura (4.1 euros/m2), Castilla-La Mancha (4.5 euros/m2) and La Rioja (5.2 euros/m2).