Housing crisis
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Nuria Triguero
Malaga
Wednesday, 2 October 2024, 13:13
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The rise in rental prices continues unabated in Malaga, judging by data from one of Spain's main real estate portals. The latest Idealista report with a focus on Andalucía, reveals that in the last rolling year from September 2023 to September 2024 the average price of rented housing has risen by 10.1% in the province as a whole and by 13.2% in Malaga city. These percentages show that Malaga continues to lead the rise in the price of this basic asset at a rate that seems far from slowing down. "The current rental situation is alarming", said the company's spokesperson, Francisco Iñareta. At the national level, Malaga is the third provincial capital with the highest increase behind Palma de Mallorca and Alicante.
In Andalucía as a whole rents have risen by 9.1% over the last year to 11 euros/m2, according to the latest Idealista price report. This figure represents a small quarterly (3.8%) and monthly (1.2%) fall. Just be aware that Idealista compiles these statistics based on the prices set by advertisers on its portal, so it is only an indicator of supply and does not necessarily reflect the final prices at which rental agreements are closed.
In the province of Malaga the average price per square metre now stands at 14.90 euros. It is by far the most expensive Andalusian province (Seville is at 10.60 and Jaen is the cheapest at 6.00). In the last quarter there has been a slight drop (1.6%) that does not detract from the strong, accumulated increase over the last twelve months (10.1%). In fact, Malaga is also the province where prices have risen the most in the last year, ahead of Seville (6.6%), Almeria (6.1%), Granada (5.7%), Jaen (5.4%) and Cadiz (5%). Below 5% are the increases in the provinces of Cordoba (4.2%) and Huelva (3.9%).
For Francisco Iñareta, spokesperson for Idealista, "the current rental situation in Spain is alarming and requires immediate solutions. In order to put an urgent end to this supply bleed that is driving up prices, we need to look at landlords as the solution and not the problem. Years of restrictive policies have caused them and potential investors to withdraw from the market. We must immediately adopt measures to make the relationship between the parties more flexible and balanced and provide the owner with greater legal certainty. Only in this way will we be able to rapidly grow the rental housing stock."
The trend in the price of rents is "completely upward" among the Andalusian capitals over the last year. Malaga city (13.2%) leads the pack, followed by Granada (6.8%), Seville (6.5%), Almeria (6.4%) and Huelva (5.4%). The smallest increases were in Cadiz (4.6%), Cordoba and Jaen (5.3% in both cases).
Malaga is the Andalusian provincial capital where it is most expensive to rent a property, with 14.5 euros/m2, followed by Seville (11.7 euros/m2). In both cities, rents are reaching their highest price since Idealista has been keeping records. In contrast, Jaen (7.2 euros/m2) and Huelva (8.3 euros/m2) are the cheapest capitals in Andalucía.
Within Malaga province there are municipalities that are even more expensive to rent than the capital of the Costa del Sol. Benahavís takes the top spot with an average price of 17.90 euros per m2, and almost as expensive is Marbella at 17.80 euros. These are municipalities whose statistics are heavily influenced by the luxury housing market. Estepona (16.10 euros/m2), Torremolinos (15.80 euros/m2) and Benalmádena (15.10 euros/m2) are also more expensive than Malaga city. At the other extreme, the cheapest municipalities in the province are Antequera (7.00 euros/m2) and Ronda (7.10 euros/m2).
In Spain as a whole, the average price per square metre for rent, according to Idealista, has risen by 10.2% year-on-year, to 13 euros per month. Even so, on a quarterly basis, prices have fallen by 2.4% over the summer.
In the city of Barcelona prices have increased by 12.1% in the last 12 months. The square metre price has reached 22.40 euros/m2. After growing by 3.5% in the last month alone, the city is once again at a record high.
Madrid ends September with a year-on-year increase in rent prices of 15.7%, which places the price per square metre in the Spanish capital at 20.40 euros, a new all-time high. Prices have increased by 3.1% there over the last three months.
The price of renting has risen by 15.4% in Valencia over the last 12 months. This increase has left the price per square metre at 14.30 euros, another new all-time high for the city. The increase in the last quarter was 1%.
All the provincial capitals have higher rental prices than in September 2023. Palma is the capital where rents have risen the most in one year: 18.9%. Of the other major markets, the highest rises were in Alicante (13.9%) and Malaga (13.2%), while the most moderate rises were in Bilbao (5.9%), Seville (6.5%) and San Sebastian (6.9%). The smallest increase in Spain was in Lleida, with a growth of only 3.8%.
Barcelona is the most expensive capital city to rent a property, with 22.40 euros/m2, followed by Madrid (20.40 euros/m2) and San Sebastian (18.10 euros/m2). In fourth place is Palma (17.30 euros/m2) and in fifth place is Malaga (14.50 euros/m2). At the bottom of the table we find Ciudad Real (6.60 euros/m2), Zamora (6.70 euros/m2), Cáceres (6.90 euros/m2), Ourense and Lugo (7.00 euros/m2 in both cases).
In order to compile the Idealista real estate price index, the offer prices (based on built square metres) published by advertisers are analysed. Atypical ads and ads with highly unrealistic asking prices are eliminated from the statistics, as well as properties of any type that have been in the database for a long time without renter interest. The final data set is generated using the median of all valid ads in each market.
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