7 Jun, 2023 @ 10:30
1 min read

Rental properties in Malaga province need highest percentage of household income in Spain

Cost of renting in Spain is set to rise yet again in 2024 as housing stock is ‘squeezed’
Image by Schluesseldienst from Pixabay

MALAGA province sucks up the highest percentage of household income in Spain for rental properties.

A joint survey from real estate portal Fotocasa and employment platform Infojobs showed getting a Malaga area rental home required 47% of income earned by a family, couple, or individual.

Second on the list area the Balearic Islands (42%); Barcelona (37%); Las Palmas (32%); Alicante (32%), Santa Cruz de Tenerife (31%); Madrid (31%);with Valencia, Sevilla and Navarra all on 30%.

Teruel, with 16%, is the province with the lowest rate, followed by Palencia; Lugo; Ciudad Real and Leon (all on 18% ).

In March, Malaga became the first city in Andalucia to break records in the price of housing both in the sales and rental markets.

According to Fotocasa figures, prices have risen to make the cost of housing and rented property go up 5% and 57% respectively compared to the real estate bubble year of 2007.

With these increases, Malaga City became the second highest regional capital to exceed historic records, with the sale price at €2,932 per m2 and the rental price at €13.22 per m2.

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Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

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