The price of home rentals has fallen in the Balearic Islands for the first time in 42 months, according to a study by the real estate group, Fotocasa. It should be noted that this is a year-on-year decrease, specifically of 0.8%, as compared to the previous month, i.e. March, there has been a rise of 0.4%. The square metre was rented last April at 17.99 euros.
We have to go back to the COVID-19 pandemic, specifically to October 2021, to find a reduction in the price of rent in the Islands. María Matos, Director of Studies and spokesperson for Fotocasa, stresses that the Balearic Islands is the only region in which there has been a year-on-year decrease in the price of rents.
Despite the slight reduction, the Balearics in April continues to be one of the most expensive provinces in the country. In fact, it is only more expensive in Madrid, where the price per square metre is 21.10 euros; and Catalonia, where it is paid at 19.01 euros per square metre.
‘The Balearic Islands remains one of the expensive region in Spain to rent a property, a position that reflects the strong pressure of demand on a very limited supply.
By municipalities, Calvià which includes the popular resorts of Magalluf and Palmanova, is the one where the price of rent has fallen the most in the last year, specifically by 5.5%, followed by Palma, with 1.2%.
In spite of this, these two municipalities are among the most expensive in the Balearic Islands. In Calvià the square metre is at 20.88 euros; followed by Alcúdia, with 19.23 euros; Palma, with 17.86 euros; and Maó, with 8.89 euros per month.