Spain: rental rates increased to record levels since 2023
According to the Spanish news portal Idealista, the average cost of rent in Spain rose by 1.5% monthly and 9.1% year-on-year in January 2023. This is the highest historical record since September 2020. This trend was observed mainly in the country’s two largest cities, Barcelona and Madrid.
In January alone, rents have risen by 25% in Barcelona and 12% in Madrid compared to the same period last year. The average rate across Spain has reached 11.6 euro per square meter. The cost per square meter is 16.5 euro in Madrid and 19.6 euro in Barcelona. In other resort cities such as Malaga, rent rates have also increased.
According to Bloomberg’s forecasts, the costs of apartments this year are going to increase. As a result, it may contribute to a further growth in demand for rental housing.
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