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ARCHIVED - Property rental prices rise by 7.2 per cent in Alicante province
Benidorm in the Marina Baixa remains the most expensive town for renters
The cost of renting properties in Alicante province has rebounded strongly over the last 12 months, rising on average by 7.2%.
The hike in prices places Alicante as the most expensive province for rented housing in the Valencia region, followed by Castellón where prices have risen on average by 7% in the last year, and Valencia (up 5.5%).
The regional average has therefore increased by 5.7%, representing an uninterrupted rental price rise for the last eight years.
In Alicante, the average price per square metre currently stands at 7.90 euros, which means an 80m2 flat typically costs 632 euros per month.
By municipality, the highest increase has been recorded in El Campello, with a rental price price rise of 15.4% – the second highest in the entire Valencian region behind Gandia, where renters have seen a 40.7% increase.
In Torrevieja, rental costs have leapt 11.4%, followed by Benidorm (10.1%), Santa Pola (8.6%), Alcoy (7.5%), Alicante (7.4%) and Elche (6.9%).
But Benidorm remains the most expensive town in the province to rent a flat, costing on average 9.82 euros/m2, meaning that an 80-metre flat costs 785 euros.
In second place is El Campello, at 9.69 euros per sqm per month, followed by Alicante (8.58 euros), Santa Pola (8.11 euros), Torrevieja (7.41 euros), Elche (6.16 euros) and Alcoy (5.15 euros).
However, despite the sharp rise, rental prices in Alicante province are below the national average of 10.27 euros, mainly due to high costs in Madrid and Barcelona, which have the largest volume of rented properties.
During 2021 the price of rentals actually fell by 3.6% at a national level, due to decreases in Madrid, Navarra, Castilla-La Mancha and the Basque Country.
In contrast, the largest increases occurred in the Balearic Islands (+6.5%), La Rioja (+6.5%), Murcia (+6.4%) and as mentioned, the Valencia region (+5.7%).
Whether you’re looking to rent property in Spain or buy to let, you should always consult an experienced real estate professional to help you navigate the choppy waters of the Spanish property market.
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