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TODAY'S OTHER NEWS

Rental home shortage pushes up letting prices in Spain

Rental prices are rising in most Spanish cities, led by gains in Barcelona, new figures show.  

Average rental prices in Barcelona have increased from €892 (£773) a month in 2012, to €1,478 (£1,282) today, up 65.7%, according to Spanish Property Insight. 

In Palma de Mallorca, rental prices have risen from €700 (£607) a month five years ago, to an average of €986 (£855) a month today, up 40%.

“In the cases of Palma and Barcelona, tourist rental demand is one of the big factors driving up prices for locals. So expect more political opposition and hostile legislation towards holiday rentals,” said Mark Stucklin at Spanish property Insight. 

In Madrid, prices are up 20%, from €1,048 (£909) a month to a monthly average of €1,256 (£1,089) today.

Rental prices are increasing in the vast majority of Spain’s cities, fuelled in part by a shortage of rental homes on the market. 

But some areas have seen rents fall, led by Santander, the capital of the northern region of Cantabria, where prices have dropped by 3% in the last five years to an average of €649 (£563) a month. 

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