Rental prices in Valencia to fall

According to the latest report, the rental prices in Valencia and Spain have gone down when compared to this time last year.

Rental prices in Valencia and Spain, according to the latest Idealista report, have gone down when compared to this time last year.  The drop in price is registered mostly in big cities, while there was an increase on the outskirts. Year-on-year, rental prices are down 3.9% in Barcelona and 0.9% in Madrid. When we consider that the prices in those two big cities were rising until May this year, the drop is even higher. Thanks to this latest price movement, Madrid is once again the most expensive city in Spain (16.1 euros / m2), closely followed by Barcelona (16 euros / m2).  

Both cities have been distributing this ‘title’ evenly last year. They reached their maximum ever rental price in May, with 16.8 euros / m2 and 17.6 euros / m2, respectively. 

Since then, the rental prices have been reduced by almost 4% in Madrid and up to 9% Barcelona.  At the same time, populated municipalities around Madrid and Barcelona registered an increase in the rental price, from 3-5%. This was expected considering that people are trying to move more and more outside city centres. Valencia didn’t follow this trend. With an average price of 8,4 euros / m2, rental prices showed only a slight decrease from May this year (0,9%). Year-on-year, there is still an increase of 3.1%.  This can be attributed to a huge increase in rental prices registered in Valencia, especially at the end of 2019. Prices have fallen most in the city centre (Ciutat Vella, LÉixample) but less in the surrounding towns like Torrent, Mislata, Burjassot.