6 Jun, 2024 @ 17:21
2 mins read

Cost of renting a property surges in Spain’s Malaga: Summer sees prices soar up to €3,000 per week 

SUMMER has seen rental prices soar up to €3,000 per week in Spain’s Malaga. 

Renting an apartment facing the beach in Spain during August will be almost 10% more expensive than this time last year. 

Now, prices are €1,160 on average per week, according to data published this week by Grupo Tecnitasa. 

The ‘2024 Coastal Report’ showed that renting with ‘good sea views’ is 40% more expensive than it was during the pandemic (2020). 

READ MORE: Spain’s rental market nightmare is exposed as countless British expats are forced to pay illegal costs by landlords who ignore pro-tenant laws with impunity – while many lose thousands to scammers

Puerto Banus is one of the most expensive areas in Spain to hire a holiday flat.
Photo: Ramon Albiol on Unsplash

During this period, the average price was €826 a week. 

In Malaga province, the price rises vary from 4-10%, depending on the municipality. 

The most expensive properties are in Marbella, at almost €3,000 per week for a 100 square metre apartment in the Puerto Banus area. 

Meanwhile in the city centre, the port and Fontanilla area cost around €2,100 per week for a 90 square metre apartment. 

Alongside Playa Alicate, El Rosario and Marbesa, prices have risen by almost 10% in these areas. 

Puerto Banus is now amongst the most expensive areas in Spain to rent during August, together with Santanyi, Ibiza and Pollensa in the Balearic Islands. 

In these areas, a coastal rental could cost you between €3,000-3,000 weekly. 

READ MORE: Nurse in Spain breaks down in tears after being forced to leave Ibiza due to surging rent on the island – where police and lifeguards have admitted sleeping in their CARS after being ‘priced out’

Estepona was also included in the study, where holiday flats in the old town and port cost around €1,350 per week. 

In Fuengirola, you can expect to pay about €1,155 for a 65 square metre rental in the old town, near the castle, port or Los Boliches. 

On average, visitors to Torremolinos are charged around €960 weekly in Carihuela. 

Meanwhile, Malaga capital clocks in at the same price for a beach front property measuring 50 square metres. 

In both cases, this represents a 10% rise. 

Nerja, Torrox and Rincon also appear in the report, costing visitors €825 (4% rise), €770 (7%) and €730 (7.3%) respectively. 

According to Tecnitasa president, Jose Maria Basañez, the rise in prices is due to demand from both Spaniards and tourists. 

They claim the average prices have risen by some 25% in the last three years and 10% in the previous year. 

This equates to around €105. 

Puerto Banus, the Balearic Islands and Illa da Toxa, Pontevedra are amongst the most expensive in the country, between €2,900-3,000. 

The most budget friendly flats are to be found in the Valencian Community, specifically Moncofar and Vinaroz. 

There, you can score a 70 square metre lodging for just €500 a week. 

Prices have gone up the most in Cantabria, Las Palmas, Santa Cruz de Tenerife and Lugo, where they have risen by 12%.

READ MORE: The character of Spain’s Costa del Sol has seen a HUGE transformation over the past couple of decades, writes property expert ADAM NEALE

Yzabelle Bostyn

Yzabelle Bostyn is an NCTJ trained journalist who started her journalistic career at the Olive Press in 2023.
Before moving to Spain, she studied for a BA in English Literature and Hispanic Studies at the University of Sheffield.
After graduating she moved to the university’s journalism department, one of the best in the UK.
Throughout the past few years, she has taken on many roles including social media marketing, copywriting and radio presenting.
She then took a year out to travel Latin America, scaling volcanoes in Guatemala and swimming with sharks in Belize.
Then, she came to the Olive Press last year where she has honed her travel writing skills and reported on many fantastic experiences such as the Al Andalus luxury train.
She has also undertaken many investigations, looking into complex issues like Spain’s rental crisis and rising cancer rates.
Always willing to help, she has exposed many frauds and scams, working alongside victims to achieve justice.
She is most proud of her work on Nolotil, a drug linked to the deaths of many Brits in Spain.
A campaign launched by Yzabelle has received considerable support and her coverage has been by the UK and Spanish media alike.
Her writing has featured on many UK news outlets from the Sun to the Mail Online, who contracted her to report for them in Tenerife on growing tourism issues.
Recently, she has appeared on Times Radio covering deadly flooding in Valencia.

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