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Monday, 11 March 2024, 17:56
Puerto Banús, the historic centre in Malaga city and the area around Fuengirola marina are the three most expensive areas to rent a property in Andalucía, according to new data.
The price per square metre in these areas is 21.20, 16.90 and 15.30 euros, respectively, according to an analysis by real estate portal Fotocasa. All three are also in the top 50 most expensive places to rent in Spain. El Tejar-Hacienda Bizcochero, in Malaga city, also stood out with an average asking price of 13.45 euros per square metre.
"This is the first time the rent for a typical property of around 85 square metres in one of the most exquisite areas of Spain has exceeded 2,000 euros per month," María Matos, spokesperson for Fotocasa said. "These neighbourhoods show the existing interest in moving to live in a prime area where only the most privileged can afford the luxury," she added. Price increases in these areas have also been influenced by an imbalance between supply and demand, which is why price growth has been sustained over the past three years, Matos pointed out. Madrid and Barcelona lead the ranking, but Valencia, Las Palmas and Malaga follow in their footsteps due to the sharp rise in rent.
Seville is also home to some of the most expensive neighbourhoods in Andalucía. Triana Oeste, Nervión and Arenal-Museo recorded prices of 13.50, 13.10 and 12.60 euros per square metre, respectively. They are closely followed by Paseo Marítimo-San José-La Laguna (12 euros per square metre) in Cadiz city; Triana Este (11.30) in Seville city; San Matías-Realejo (11.10) in Granada city, and Cruz Roja (10.60) in Seville city.
Madrid and Barcelona are once again the most expensive cities to rent a property, the data shows. The most expensive neighbourhood in the country is Madrid's Almagro, in the Chamberí district, which reached a price of 24.20 euros per square metre, according to the Fotocasa study. It is followed by the neighbourhoods of Goya, Palacio and Castellana, all of which are also located in Madrid city, with a price of 23.60, 23.10 and 23 euros per square metre, respectively. In Barcelona city, the neighbourhood of El Camp de l'Arpa del Clot (23 euros per square metre), located in the district of Sant Martí, is positioned as the fifth most expensive neighbourhood to rent a property in Spain, registering a year-on-year increase of 17.7%.
Madrid's Recoletos (22.90 euros per square metre) and Sol (22.60), along with Barcelona's Diagonal Mar i el Front Marítim del Poblenou (22.80), El Camp d'en Grassot i Gràcia Nova (22.80 and El Raval (22.70 complete the list of the ten most expensive neighbourhoods to rent a property. The latter three overtake Dreta de l'Eixample (22.40) and Sarrià (22.30 two of Barcelona's traditionally more expensive neighbourhoods.
The most expensive neighbourhoods in the country also include Universidad-Malasaña (22.20 euros per square metre) and Justicia-Chueca (22.20), both located in Madrid, and Sagrada Família (22.10) and L'Antiga Esquerra de l'Eixample (22), in Barcelona, all of which are above 22 euros per square metre.
Among the list of the 50 most expensive neighbourhoods in the country, Valencia city also stands out, contributing six neighbourhoods to the list. In the Valencian region, the neighbourhoods of Playa Poniente, in the municipality of Benidorm, and PAU 5, in the municipality of Alicante, which has an annual growth rate of 19.1%, are among the 50 most expensive neighbourhoods, with prices of 19.10 euros per square metre² and 17.10, respectively.
Valencia province registered some of the highest year-on-year increases in Spain. This is the case of the neighbourhood of Arrancapins (14.40 euros per square metre), located in Valencia city, and Canet d'En Berenguer (15.10), located in the municipality of Canet d'En Berenguer, which registered increases of 29.9% and 23.9%, respectively.
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