Mallorca’s rents reach record high

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The latest data on rental prices for properties from Idealista once again placed prominent markets new record highsas in Barcelona (17.6 euros/m2 per month), Palma (12.5 euros/m2), Malaga (10.9 euros/m2) and Valencia (10.3 euros/m2). A further 17 state capitals set records for asking rents in August.

The price of rented accommodation in Spain ended July up 6.4% yoy to 11.3 euros/m2 per month, reflecting the highest annual increase in 2022 according to the latest report from Idealista, the real estate marketplace in southern Europe.

The average rents owners are charging for their rental properties are just 1.2% below the Spanish rental market peak recorded in September 2020.

In important housing markets such as Barcelona (17.6 euros/m2 per month), Palma (12.5 euros/m2), Malaga (10.9 euros/m2), Valencia (10.3 euros/m2) and Zaragoza (8.8 euros/m2), prices have reached new all-time highs.

In Palma, the average rent in the city has reached a new high this year at 12.5 euros/m2 per month, after an annual increase of 13% in the last month.

Nine of the 12 districts of the Mallorcan capital are included highest levels since Idealista Records began. However, two of the three most expensive did not mark the peak of last month’s rise, for example in Portixol-Molinar (15.3 euros/m2), one of the highest increases in the city was recorded at 26.4%.

Only Rafal – Son Forteza (11.9 euros/m2) recorded a more remarkable increase of 27.6%, setting a record for the area.
Likewise, the old City (13.3 euros/m2) remains slightly below its peak after rising 10.4% yoy in August.

District Genoa – Bonanova – Sant Agustí (14.4 euros/m2) is at a record high after growing 16.8% year-on-year.

Palmas More affordable areas have also reached new highs, as in Son Ferriol – Sant Jordi (10.6 euros/m2), Las Avenidas (10.8 euros/m2) or Son Oliva – Plaza Toros – Camp Redó (10.9 euros/m2 ), after Seeing Rents are up 24.6%, 15.2% and 13.7% respectively.

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