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Óscar Bartual Bardisa
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Jueves, 2 de enero 2025, 19:10
The province and Spain are facing a complex issue. The high rental prices seem to have no end in the short term. Demand continues to rise while supply decreases each year.
The situation is nothing short of a chimera, and real estate experts agree that rents will not decrease, at least in the coming years. María Matos, director of studies at the real estate portal Fotocasa, states that "we are witnessing the greatest increase in rental prices in recent years."
The expert spoke to TodoAlicante and highlighted the "serious" crisis in the rental market. Over the past decade, prices have skyrocketed, and in the Comunitat alone, between 2014 and 2024, rents have increased by 138%, above the Spanish average of 78%.
In fact, the Comunitat is the second region, behind the Balearic Islands, where rental prices have risen the most in the last decade, so it is not surprising to find several municipalities in the province among those that have increased rents the most in Spain over the past ten years.
All of them share a common denominator: they are coastal and tourist-oriented localities. The rental boom and the rise of tourist accommodations have reduced supply, causing a relentless rise in prices.
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In fact, Benidorm, with a 138% increase since 2014, is the eighth city in Spain where rents have risen the most, according to Fotocasa data. In that year, an apartment cost about 7 euros per square meter on average, as detailed by Idealista in its database. The monthly rent for an 80-square-meter apartment was around 560 euros, while it currently almost doubles, reaching nearly 14 euros per square meter. That same apartment would cost around 1,104 euros on average in 2024.
It is followed by El Campello, with a 137% increase and ranking as the ninth locality with the highest increase of the decade. There, the average price has doubled, rising from 5.9 euros per square meter to the current average of 12 euros, according to Idealista.
The Fotocasa ranking also includes other cities with significant increases exceeding 100%, such as Dénia, with a 129% rise, the provincial capital with 126%, or Torrevieja with 107%. The case of Vega Baja is noteworthy, even with prices below those of the Marinas, the rental price has doubled and now exceeds 10.3 euros/m2, with significant progress in recent years.
Fotocasa has analyzed the rise in rental prices over the last decade and indicates that there is "an overpriced rental context." Matos asserts that the trend "poses a significant challenge in accessing housing" and emphasizes that "the cost of rent has risen significantly since the economic recovery due to the promotion of rental housing as the main housing solution after the 2008 crisis."
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The expert insists that the "reactivation of demand against the existing supply deficit has led to a tightening of prices that has become increasingly intense, surpassing the price recorded during the 2007 real estate bubble."
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