Rents fall in the Balearic Islands

THE average cost of renting a home in the Balearic Islands fell by 0.9 per cent in January.

Prices per square metre sit at €7.30 per month, according to property website fotocasas.es.

January’s prices are 7.8 per cent above the national average, which in January was €6.77 per square metre per month.

The Balearic Islands have the fourth highest level of rent in Spain, behind the Basque Country, Madrid and Catalonia, whose averages range between €10 per square metre per month in the Basque Country and €9 per square metre per month in Catalonia.

The Balearic Community registered its highest ever average rent in July of 2007, when it reached €9.83 per square metre, per month. Since then, it has experienced a decrease of 26 per cent.

There were some areas of the islands that experienced an increase in rents, the highest in Manacor (7.8 per cent), followed by Llucmajor (1.8 per cent).

The most expensive municipality is Calvia, where renting a home costs €9.59 per square metre per month, followed by Santa Eularia des Riu at €9.06 per square metre per month.

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