Housing crisis
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Cristina Vallejo
Malaga
Friday, 13 September 2024, 15:02
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The rise in the cost of renting in Malaga has led to an increase in the need for, and interest in, flat shares. According to a study by Spanish real estate portal Idealista, Malaga is in third place in Spain for cities with the highest number of peòple vying for each room for rent. Currently no fewer than 47 people compete for each advertised room, that's 9% more than a year ago when the average was 43.
There are two other markets in the country that are even more overheated than Malaga. Ahead of the city are Palma de Mallorca, with 91 interested parties for each room for rent, 46% more than last year, when each advert received an average of 62 enquiries. Also San Sebastian, with 65 applicants for each room, 42% more than a year earlier.
In the other two Basque provincial capitals, Vitoria and Bilbao, the demand for rooms has also grown significantly: around 65% in both, with 43 and 39 interested parties for each advertisement respectively.
After Malaga, the second Andalusian provincial capital with the most people competing for a room is Cadiz, currently 25, although this figure is 3% lower than a year ago. This is also very similar to the number registered in Spain, where there are 23 enquiries per room rental advert, 15% more than a year ago. Meanwhile, in Seville there are 17 interested parties per room (23% more than a year ago).
The provincial capitals in Spain where demand for rooms for rent has grown the most are Zamora, Palencia and Teruel, where it has more than doubled, but the number of people interested per room does not reach 20 in any of these three cases.
There are also 16 provincial capitals where the number of applicants has decreased. The biggest drop has been recorded in Castellón, where they have fallen by 43%. Demand has also fallen in Alicante, Valencia and Barcelona.
According to a recent report by Idealista, the average price of renting a room is 400 euros per month in Malaga, a figure that equals the Spanish average. The most expensive rooms are to be found in Barcelona where they typically cost 565 euros on average. This is followed by Madrid and Palma de Mallorca, with prices of around 500 euros.
However, another report published this week by Fotocasa puts the average price of rooms well above this figure for Malaga city. According to this source, an average of 516 euros is already being asked for each room for rent in the capital of Malaga, which confirms it as the most expensive in Andalucía, followed by Cadiz city (479 euros) and Seville (412 euros).
According to Fotocasa, room rentals in Malaga city have risen by 66% in the last three years. María Matos, director of market research and spokesperson for Fotocasa, explained this phenomenon in relation to the data for the whole of Spain (the price per room according to their figures is around 500 euros on average in the country): "The price of shared housing has risen very significantly over the years and the most remarkable thing is the speed at which it is increasing. The main reason for such a large increase is the imbalance between housing supply and demand, which is causing prices to rise." She added: "Spain is progressively increasing its level of education and more and more young university students are looking for housing in the big cities. In addition, the high prices of a full house for rent, exceeding 1,000 euros on average, are forcing tenants to look for shared housing in order to be able to afford the costs involved, which is why demand keeps prices on the rise."
The 66% rise in the price of rooms in shared flats in Malaga city over the last three years is double that recorded in Andalucía as a whole (33.6%) and compares with the 40.7% rise recorded by Fotocasa on average in Spain.
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