Rents Remain Sky‑High in the Canary Islands

Rental prices rose 7.4% across the archipelago in August, according to Idealista.

The average rent in the Canary Islands increased by 7.4% in August compared with the same month last year, reaching €15 per square metre, according to the latest price report from Idealista.

In contrast, Spain as a whole closed August with a year‑on‑year increase of 10.5%, at €14.5 per square metre. This represents a slight dip of 0.4% from the previous month, indicating that prices have been relatively stable over the past three months.

The study shows that rents rose in every Spanish region since August of last year, except Extremadura, where landlords asked for 0.1% less.

Regional performance

• Top gainers:

  • Castilla‑La Mancha + 13.5%
  • Community of Madrid + 12.3%
  • Andalusia + 12%
  • La Rioja + 11.5%

• Above‑average increases:

  • Valencian Community + 9.6%
  • Aragon + 9.5%
  • Castile and León + 9.1%
  • Asturias + 9%
  • Catalonia + 8.7%
  • Galicia + 7.6%
  • Canary Islands + 7.4%

• Lowest gains in the last year:

  • Balearic Islands + 4.9%
  • Region of Murcia + 5.7%
  • Basque Country + 5.8%
  • Cantabria + 5.9%
  • Navarre + 6.1%

The most expensive regions were the Community of Madrid (€20.5/m²) and the Balearic Islands (€19.4/m²). They were followed by Catalonia (€18.5/m²), the Canary Islands (€15/m²) and the Basque Country (€14.9/m²).

At the opposite end of the spectrum were Extremadura (€7.3/m²) and Castilla‑La Mancha (€8.1/m²).

Madrid, the most expensive province to rent

Provincial price changes

• Largest increases:

  • Zamora + 19.3%
  • Segovia + 17%
  • Teruel + 16.5%
  • Ourense + 14.6%
  • Guadalajara + 14.3%

• Smallest increases:

  • Gipuzkoa + 1.1%
  • Huesca + 2.6%
  • Álava + 4.2%
  • Pontevedra + 4.7%
  • Balearic Islands + 4.9%

The Community of Madrid (€20.5/m²) remained the priciest province for renting a home in Spain, followed by Barcelona (€19.9/m²). Other costly provinces included the Balearic Islands (€19.4/m²), Málaga (€16.7/m²), Gipuzkoa (€16.7/m²), Las Palmas (€15.2/m²) and Santa Cruz de Tenerife (€14.8/m²).

The most affordable provinces were Jaén (€6.7/m²) and Ciudad Real (€6.9/m²). The only provinces that recorded price declines were Cáceres (‑9.5%), Girona (‑3.4%) and Soria (‑2.9%).

Capital‑city trends

• Sharpest rises:

  • Segovia + 19.6%
  • Teruel + 18.9%
  • Zamora + 18.8%
  • Ourense + 15.8%
  • León + 15.6%

• Smallest rises:

  • San Sebastián + 1.5%
  • Vitoria + 3.7%
  • Lleida + 3.7%
  • Pamplona + 3.9%

Idealista’s analysis shows that rental markets across the country were “entirely bullish.” Apart from San Sebastián, notable increases were recorded in:

• Madrid + 11.6%
• Seville + 9.5%
• Bilbao + 8%
• Alicante + 7.6%
• Valencia + 7.6%
• Barcelona + 6.8%
• Málaga + 6.8%
• Palma + 4%

Most and least expensive capitals

• Costliest capitals (price per m²):

  • Barcelona €23.1
  • Madrid €22.2
  • San Sebastián €18.4
  • Palma €18
  • Málaga €15.5
  • Valencia €15.3
  • Bilbao €15

• Cheapest capitals (price per m²):

  • Ciudad Real €7.6
  • Lugo, Zamora, Cuenca and Cáceres €7.9 each

The only capitals where rents fell over the past year were Soria (‑0.3%) and Cuenca (‑0.1%).