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

After spending much of her childhood in Andalucia and adulthood between Barcelona and Latin America, Yzabelle has settled in the Costa del Sol to put her NCTJ & Journalism Masters to good use. She is particularly interested in travel, vegan food and has been leading the Olive Press Nolotil campaign. Have a story? email [email protected]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

European Central Bank FINALLY lowers interest rates - but mortgage holders in Spain may struggle to notice it
Previous Story

European Central Bank FINALLY lowers interest rates – but mortgage holders in Spain may struggle to notice it

Next Story

Weather turnaround in Spain’s Malaga: Much-needed rain and storms to hit the province this weekend – including on the Costa del Sol

Latest from Andalucia

Go toTop

More From The Olive Press