The cost of renting in Malaga and Marbella has increased by more than 20% and has become one of the most expensive in Spain

The cost of renting in Malaga and Marbella has increased by more than 20% and has become one of the most expensive in Spain

According to a report published at the end of 2022 by the Idealista real estate portal, the average rental rate for residential real estate in Malaga increased by 20.7% year-on-year. Thus, the rent per square meter of housing per month has reached the level of 12 euros. This is three times higher than the inflation rate recorded in Malaga over the past year.

According to the National Institute of Statistics of Spain (INE), inflation in Malaga reached 6.1%. Idealista also emphasizes that this city is not the only one in Spain that has shown a similar increase in rental costs. Rates in Marbella have risen even higher. The average cost of renting a square meter per month in this city has reached 15 euros. All this confirms the wide demand for housing in this part of the Andalusian coast.

Nationally, rental rates increased by 8.4% year-on-year to 11.4 euros per square meter per month. This is 2.7% more than the inflation growth over the past year. At the end of December 2022, inflation in Spain averaged 5.7%.

The highest rental prices in Spain, by provincial capitals, were recorded in Barcelona (19.3 euros per meter), followed by San Sebastian (16.3 euros), Madrid (16.2 euros), Bilbao (13.3 euros), Palma (12.9 euros) and Malaga (12 euros). However, judging by cities with a population of more than 75,000 people, Marbella with its 15 euros is in third place in the ranking.

If we consider the relative growth, the increase in the cost of rent, exceeding the current inflation rate of 5.7%, was recorded in 32 provincial capitals of Spain. Barcelona takes the lead again with its 25.7%. It is followed by Alicante (23.4%), Valencia (20.9%) and, already mentioned above, Malaga (20.7%).

Noticeable growth was also observed in Girona (19.2%), Ourense (15.9%), Teruel (13.8%), Palma (11.9%), Jaena (11.4%) and Madrid (11.2%). In another 22 metropolitan cities, the increase in rental rates was less than 10%, but still exceeded the inflation rate at the end of 2022.

Examples include Almeria (9.2%), Granada (7.9%) and Seville (6.3%). As well as Las Palmas de Gran Canaria in Las Palmas (8.7%), Bilbao in Biscay (6.1%), Santiago de Compostela in La Coruna (9.5%), Torrent in Valencia (9.4%), San Cugat del Valles in Barcelona (9.3%), Getafe and Torrejon de Ardos in Madrid (9.7% and 9% respectively).

The analysis of local rental markets conducted by Idealista includes 50 Spanish cities with a population of more than 75,000 people. About 35 municipalities registered annual rent growth above the Consumer Price Index (CPI). Among these municipalities are Torrevieja (26.8%) in Alicante, as well as Marbella (24.5%) and Santa Coloma de Gramanet (18.7%) in Barcelona.

Another 14 settlements exceeded 10% of the CPI. This list includes San Fernando (17.4%) in Cadiz, Orihuela (15.1%) in Alicante, Gandia (13.8%) in Valencia, Cornella de Llobregat (13.4%) in Barcelona, Jerez de la Frontera (13%) in Cadiz and San Sebastian-de los Reyes in Madrid (13%).

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