This rise in the price of rent is the sharpest increase in the whole of Spain, according to the real estate portal Fotocasa

The price of rent has risen by 12.7% in the Balearic Islands from January to March this year, a figure that, compared to the price of a year ago, represents an increase of 32%. This is the sharpest increase in the whole country, according to the real estate portal Fotocasa. This increase means that every month, renters have to pay, on average, 16 euros per square metre. The year-on-year increase is 31.9%.

Breakdown by municipality

Palma has experienced an increase in the price of rented housing this quarter of 9.2%, placing the price per square metre at 15.60 euros for the month. As for Calvià, during the first three months of the year there has been an increase of 1% in the rental price compared to the same period in 2020, with a current price of 19.46 euros per square metre for the month.

State figures

At the state level, Spain has closed the first quarter of the year 2023 with a quarterly increase of 4.7% in the price of rent and a year-on-year increase of 9.7%. The average rental price in March was 11.55 euros per square metre, a new maximum price for rented housing.

With this panorama of the rental market, the debate is on the table about the announcement by President Pedro Sánchez to mobilise 50,000 Sareb homes for social renting, of which some 450 are in the Balearic Islands. A measure that has to be approved this Tuesday in the Council of Ministers. Most describe the measure as “purely electioneering” and warn that it will not solve the rental problem.