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). 

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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. 

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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%.

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