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Spanish rents keep rising

Average rental prices in Spain continue to rise. In August, they went up by 10%, compared to a year earlier. This was the third consecutive month of double-digit annual rises and the 30th month in a row of increases, according to the Spanish property portal Fotocasa.

August’s price hike is the third highest after the 10.5% annual rise in May and 10.2% in April. However, despite the year-on-year hikes, rental costs are still far below their peak in 2007, according to Fotocasa. The average monthly national rate currently stands at €8.08sqm. In May 2007, it stood at €10.12sqm, making today’s prices still 20.3% cheaper than 10 years ago.

“Rental rate rises are happening all over Spain,” said Beatriz Toribio, head of research at Fotocasa, “although they’re higher in Catalonia, the Balearic and Canary Islands, and in Madrid.”

In August, month-on-month rental rates went up in 10 regions of Spain and year-on-year rates rose in 16. The highest annual rate rises were in Catalonia (18.2%), the Canaries (11.3%), Madrid (11.2%) and the Balearics (10.4%).

Catalonia is the most expensive region to rent a resale property with a price of €12.13sqm per month. Next is Madrid (€11.66sqm) and the Basque Country (€10.8sqm). At the other end of the scale, two of the most affordable regions for rent are Extremadura (€4.78sqm) and Castilla-La Mancha (€5.03sqm).

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