Barcelona has the highest rents in Spain
The annual report from real estate agency ‘Fotocasa’ revealed that in 2016 Barcelona topped the ranking of rent prices in the whole of Spain. The high levels of tourism and the rotation of those professionals who work for multinational companies and set up temporarily in the Catalan capital contributed to this rise. On average, renting in Barcelona costs 15.16 euros per square metre, which is 13.7% more than last year. Moreover, it is the first time in the historic series that the rent prices exceed those registered before the economic crisis in 2007. Renting in Catalonia was 14.6% more expensive in 2016 than in the previous year, a figure which is higher than the Spanish average.
Barcelona (CNA).- Renting in Barcelona reached top levels in 2016. According to real estate agency ‘Fotocasa’s latest annual report, the Catalan capital has the most expensive rents in the whole of Spain, ahead of Madrid and San Sebastian. Moreover, it is the first time in the historic series that the rent prices exceed those registered before the economic crisis in 2007. The most expensive neighbourhood to rent a flat in is ‘Ciutat Vella’, in Barcelona’s old town, reaching 17.37 euros per square metre. Amongst the factors which explain this situation are the high levels of tourism and the rotation of those professionals who work for multinational companies and set up temporarily in the city.
Rent prices in Barcelona in 2016 were even higher than those registered in 2007, before the real estate bubble finally exploded. In particular, the neighbourhood in ‘Ciutat Vella’ in the Catalan capital’s old town reached 17.37 euros per square metre. On average, rent in Barcelona in 2016 was 15.16 euros per square metre. Thus, it is the most expensive city to rent in the whole of Spain. The second is Ibiza, in the Balearic Islands and the third is another Catalan city, Gavà, 20 kilometres south of Barcelona. Indeed, 7 of the 10 most expensive cities for renting in Spain in 2016 were located in Catalonia.
Thus, it is not surprising that Catalonia is the Autonomous Community which registered the highest increase in rent prices. In 2016, they increased by 14.6% in comparison to 2015, which more than doubles the Spanish average (6.7%).
A trend which is set continue in 2017
According to Beatriz Toribio, coordinator of ‘Fotocasa’s 2016 Report on Housing, the upward trend in Barcelona’s rent may continue throughout 2017 “although the figures won’t be as high as those registered in the latter quarters of 2016”.
Toribio confirmed Barcelona’s “boom” regarding rents and explained that all neighbourhoods in the city registered nearly two and a half years of price increases, which was not seen in any other city in Spain. According to Toribio, the upwards trend in 2017 may extend from the city centre to the outskirts of the Catalan capital.