Monday, 6 November 2023, 14:37
The price of renting a property in Malaga city has reached its highest level since 2006, which is when the real estate portal Idealista started keeping records. The average monthly price a property was rented for in October was 13 euros per square metre, which equates to a year-on-year increase of 17.4%. This is the largest increase of all those registered in the provincial capitals of Andalucía. After Malaga, the closest was Granada, where the increase in rents was 8.9%.
But in the rest of Spain, the rise in rental prices in Malaga city was surpassed by the increase in Valencia, where they rocketed 21.6%, while in Segovia the increase in rents has been 21.3% compared to a year ago. Meanwhile, in Palma de Mallorca the increase has been recorded at 19.3% over the last twelve months. Malaga was tied with Barcelona, where rents in October were also 17.4% more expensive than twelve months ago, reaching 20.4 euros per square metre per month, making it the most expensive Spanish city in which to rent a property, ahead of Madrid (17.8 euros per square metre).
If Malaga city is the most expensive provincial capital to rent in all of Andalucía - it is followed in the ranking, somewhat distantly, by Seville, with its 11 euros per square metre and month.
Malaga is now the sixth most expensive Spanish city in which to rent. The October average rental price is above the Andalusian average (10.2 euros per square metre per month) and also above the Spanish one (11.8 euros per square metre per month). Furthermore, the price increase registered in the city in the last year also surpasses both the Andalusian average (12%) and the Spanish average (9.4%).
The latest Idealista report also reflects another circumstance. In Malaga city, prices continue to rise steadily, not only in the last year, but also in the last few months, when in some other areas the evolution seems to be starting to falter or is showing signs of weakness. In Malaga, prices rose by 1.6% in October, compared with the falls recorded in Cadiz and Jaen, while in Almeria they remained unchanged and in Granada and Seville the increase was limited to 0.3%. In the last quarter the rise recorded in Malaga was 2.1%, compared to the average 0.1% fall recorded in Andalucía, and the 0.6% average drop across Spain.
If Malaga city (13 euros per square metre) is the most expensive city to rent in all of Andalucía it is followed, some way behind, by Seville (11 euros). If we expand the focus to the province, in Malaga something unique in the Andalucía region and almost all of Spain happens, in that the average rental price is higher, reaching 13.50 euros per square metre per month. But this last figure has taken some steps back compared to the historical highs that it set in July at 13.70 euros per square metre per month. In fact, in the last three months, the average rent in the province has dropped by 1%.
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