RENTAL property costs in Andalucia have risen by 10.2% in the third quarter of 2023 compared to the same period last year according to real estate portal Fotocasa.
Despite the dramatic rise, prices have actually fallen by 3.7% compared to the quarter covering April to June, with the average cost being €9.43 per square metre per month.
Cities also show a diversity in rental prices, led by Marbella, with a cost of €16.18 per square metre, followed by centres such as Benalmadena and Torremolinos, which also have high prices.
Eduardo Gonzalez, manager of real estate agency Casa Jerez, said that tenants were partially to blame for keeping the rental boom going.
“As landlords ask for amounts that in some cases are excessive, the tenants go along with paying it, fuelling the rising costs,” Gonzalez said.
He also said that renting a property is no longer straight forward as potential tenants are screened to discover their financial status.
“Renting is no longer a phone call where somebody says I want the apartment and I will pay for it, but you now get questions about whether you can afford to pay and if the landlord is not convinced then a deal is not done,” stated Gonzalez.
He suggested that civil servants are in the best position to get rental accommodation due to their financial status which is stable.
The rental market has shown some variability across Andalucia’s provinces with, with eight quarterly falls and eight year-on-year increases recorded.