Increased house rental

THE average cost of renting a house in the Balearics grew by 2.2 percent in the first eight months of this year, eight decimal points less than the average for Spain as a whole which stands at 3.0 percent. According to details from the Consumer Price Index (IPC) amassed by the National Institute of Statistics (INE), last August saw rents rise by 0.2 percent in relation to July which was on a par with the national average. The largest increases in August were registered in Andalucia and Galicia, showing a rise of 0.4 percent in both cases. Asturias was the region which has recorded the highest rental increases accumulated so far this year, at 4.4 percent.
INFLATIONARY
Since August of 2004, the average price of house rental in the Balearics has grown by 3.4 percent, 9 decimal points less than the state average and 2.1 points less than Andalucia, the region where such figures are at their most inflationary. The local government currently is working on schemes to make housing more affordable for young people, building houses to buy and rent.