According to the latest study by the property portal Idealista, by the end of 2023 the average rent in Spain had risen by 10.1% to €12.1 per square metre per month. This is a new record in the historical series, and in most markets rents are noticeably higher than a year ago.
In more than half of Spain’s provincial capitals (28 out of 52), rents hit a record high at the end of December. These are Madrid, Barcelona, Palma, Bilbao, Málaga, Valencia, Girona, Cádiz, Alicante, Pamplona, Segovia, Santander, Tarragona, Zaragoza, A Coruña, Oviedo, Burgos, Lleida, Valladolid, Albacete, Cuenca, Badajoz, Ourense, Ávila, Palencia, Cáceres, Ciudad Real and Lugo. The biggest year-on-year rises were in Segovia (24.6%), Valencia (21%) and Palma (20.2%).
Meanwhile, the average price of resale homes rose by 8.1% during 2023 to €2,042/m². This is 3.6% below the historic peak recorded in June 2007.
Second-hand home prices did not fall in any provincial capital over the past year. The biggest rises were in Soria (23.1%), Santa Cruz de Tenerife (20.9%) and Huesca (18.5%). Five cities ended 2023 at record prices: Madrid (€4,118/m²), Cádiz (€2,786/m²), Málaga (€2,668/m²), Las Palmas de Gran Canaria (€2,201/m²) and Alicante (€1,915/m²).
Alicante saw significant rises in both sale prices (17.5%) and rents (16%, to €10.8/m² a month). The most expensive homes for sale are in the city centre (€2,597/m²) and in four of the ten districts: Playa de San Juan-El Cabo (€2,738/m²), Parque Avenidas-Vistahermosa (€2,176/m²), San Blas-PAU (€1,796/m²) and Pla del Bon Repós-La Goleta-San Antón (€1,706/m²). The biggest price rises were recorded in Pla del Bon Repós-La Goleta-San Antón (28.4%), Parque Avenidas-Vistahermosa (22.9%), Villafranqueza-Santa Faz-Monnegre (19.8%) and Campoamor-Carolinas-Altozano (19.5%).
The rental market also showed double-digit growth in all the districts analysed. The centre (16.4%), Los Ángeles-Tómbola-San Nicolás (14.5%) and Playa de San Juan-El Cabo (12.8%) stand out in particular. The most expensive places to rent are Playa de San Juan-El Cabo (€12.3/m² a month), the centre (€11.2/m²) and Pla del Bon Repós-La Goleta-San Antón (€10.9/m²).
