Madrid's Almagro, Goya and Palacio neighbourhoods are the most expensive in Spain to rent a property

Madrid's Almagro, Goya and Palacio neighbourhoods are the most expensive in Spain to rent a property

Madrid and Barcelona continue to be the cities with the highest rents in Spain. In the capital, the Almagro neighbourhood in the Chamberí district is the most expensive, with a price of 24.22 euros per square metre, 108% higher than the national average of 11.66 euros per square metre at the end of 2023. It is followed by the Madrid neighbourhoods of Goya, Palacio and Castellana, with prices of 23.62 euros, 23.07 euros and 23.03 euros respectively. In Barcelona, El Camp de l'Arpa del Clot in Sant Martí registers 23.02 euros per square metre, being the fifth most expensive and showing an increase of 17.7%.

According to María Matos, director of studies and spokesperson for Fotocasa, the portal from which the data is taken, the price of rent in prime areas has exceeded 2,000 euros per month for an average 85 square metre home for the first time. This situation is due to high demand and limited supply, resulting in a steady increase in prices over the last three years. Cities such as Valencia, Las Palmas and Malaga are also experiencing considerable rises in rental prices.

Rental prices in prime areas have surpassed 2,000 euros per month for an average 85 square metre property for the first time.

Other neighbourhoods with high rental prices are Recoletos and Sol in Madrid, and Diagonal Mar, El Camp d'en Grassot and El Raval in Barcelona, with prices ranging from 22.94 to 22.64 euros per square metre. Neighbourhoods such as Universidad - Malasaña, Justicia - Chueca, Sagrada Família, and L'Antiga Esquerra de l'Eixample, also exceed 22 euros per square metre.

In addition, El Viso in Madrid shows an increase of 17.2% with a price of 21.84 euros per square metre. In Barcelona, neighbourhoods such as Barri Gòtic, Vila de Gràcia and Sant Antoni are positioned in the top twenty, with prices around 22 euros per square metre.

Outside Madrid and Barcelona, Puerto Banús in Marbella, Área Romántica in San Sebastián and Zona Playa in Laredo stand out, all exceeding 20 euros per square metre. In Valencia city, six neighbourhoods stand out within the Top 50, led by Sant Francesc with 18.68 euros per square metre and followed by others such as El Carme and Penya-Roja, with significant price and year-on-year growth.

Significant annual increases have been observed in the province of Valencia (Arrancapins and Canet d'En Berenguer), Asturias (Salesas - Foncalada - Campoamor) and Granada (Angustias - Chana - Encina), with increases of over 20%

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!