Mallorca rents hit record high

The price of rented housing in Spain closed July with a 6.4% year-on-year rise to 11.3 euros/m2 per month, which is the highest year-on-year increase recorded in 2022, according to the latest report published by Idealista, the real estate marketplace in southern Europe.

The average rents that owners are asking for their homes for rent are only 1.2% below the peak of the rental market in Spain, recorded in September 2020.

In important housing markets such as Barcelona (17.6 euros/m2 per month), Palma (12.5 euros/m2), Malaga (10.9 euros/m2), Valencia (10.3 euros/m2) and Zaragoza (8.8 euros/m2), prices have reached new all-time highs.

Related news

British still dominate the foreign property market in Spain

More related news

In Palma, the average rent in the city hit a new high this year at 12.5 euros/m2 per month, after a 13% year-on-year increase last month.

Nine of the 12 districts of the Mallorcan capital are at the highest levels since Idealista records began. However, two of the three most expensive ones did not mark the top of last month’s rise, and that, for example, in Portixol-Molinar (15.3 euros/m2) one of the highest rises in the city was recorded with 26.4%.

Only Rafal - Son Forteza (11.9 euros/m2) had a more notable rise of 27.6%, setting a record for the area.
Also, the old town (13.3 euros/m2) remains slightly below its peak, after rising 10.4% year-on-year in August.

The district of Genova - Bonanova - Sant Agustí (14.4 euros/m2) is at a record high, after growing by 16.8% year-on-year.

Palma’s more affordable areas have also reached new highs, such as in Son Ferriol - Sant Jordi (10.6 euros/m2), Las Avenidas (10.8 euros/m2) or Son Oliva - Plaza Toros - Camp Redó (10.9 euros/m2), after seeing rents rise by 24.6%, 15.2% and 13.7%, respectively.