CALVIA on Mallorca has overhauled long-time leader Barcelona as the costliest municipality in Spain for property rentals.
The Balearic Islands as a whole are also getting pricier for tenants according to a survey from real estate property portal Fotocasa.
Rentals in Calvia, which includes tourist spots like Magaluf and Palma Nova, average out at €19.43 per square metre compared to Barcelona on €18.43 per square metre.
Calvia rental prices have rocketed by over 30% in a year in one of the largest rises in Spain.
By regions, the sharpest increase has come in the Valencian Community at 17.5% followed by the Balearic Islands on 14.5%.
In contrast, the northern Basque Country saw a far more modest rise of 2.7% over a year.
Unsurprisingly the highly populated Madrid and Catalunya regions have the country’s highest average rents at €15.39 and €14.79 respectively based on July figures.
They’re followed by the Basque Country(€13.51) and the Balearic Islands(€13.20).
The Valencian Community was seventh in July charging exactly €10.00 per square metre.
READ MORE:
- Splashing out: Record levels of investment as property sector in Spain booms
- Spain’s Benahavis tops ranking for most expensive in Spain to buy property—with 8 more Malaga municipalities in top 50
- Property prices in Javea on Spain’s Costa Blanca continue to be highest in Valencia region
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