Of all the cities in Alicante province, rents have risen the most in Benidorm
In the past year, the province of Alicante has surpassed its all-time high in residential rental costs nine times. In addition, according to the latest report by Fotocasa, it became the second province in Spain where rents rose the most year-on-year, by an average of 24.5 %.
New tenants in Alicante are currently paying an average of €9.82 per square metre per month for rent, equivalent to around €786 for an 80 square metre apartment. However, this is still lower than the national average of €11.05 per square metre per month.
The rise in rental prices was evident in almost all locations, but was most pronounced in large cities and seaside resorts. Here, the recovery in tourism has led to increased demand for long-term rentals, especially from tourism workers. The city of Benidorm has seen the most significant increase in prices, with rents rising by 34.7 % to €13.23 per square metre, an average of €1,028 for an 80 square metre apartment.
Three more locations in the province of Alicante are among the top ten Spanish cities with the highest year-on-year rent increases. Santa Pola came fourth with a 33.2 % increase to 10.8 euros per square metre, Alicante was sixth (27.5 % to 10.94 euros) and Torrevieja was tenth (22.9 % to 9.11 euros). El Campello (20.6 % to 11.69 euros) and Elche (18.8 % to 7.3 euros) also recorded significant price increases.
The main reasons for this dramatic growth, according to a study by Fotocasa, are the sharp decline in the available supply of properties on the market, which is a result of the shopping boom and the increase in tourist demand. Nationwide, the number of available properties for rent has decreased by 32 % year-on-year, further exacerbating the imbalance between supply and demand. Moreover, government measures limiting rental growth to 2 % per year only apply to existing rental contracts. Prices for new leases remain vacant and are expected to continue to rise in 2023.
English 
Czech