Calvia has the highest property rental rates in the Balearics. | Majorca Daily Bulletin reporter

The price of property rentals in the Balearics was 14.5% higher in July than the previous year with an average of 13.20 euros per square metre per month, according to data from the Fotocasa Real Estate Index.

This year-on-year increase (14.5%) is the highest since December 2017. With respect to June, rents rose by 2.6% in the Balearics.

“The rental price has reached its highest level ever. It has been recovering ground for nine consecutive months and has the highest rises since records began,” explained Fotocasa’s Director of Studies and spokesperson, María Matos.

According to the portal, the main reason prices have risen so sharply “is the reduction in supply since the beginning of the year and the incessant increase in inflation that influences the homes that come onto the market.”

All regions increased their year-on-year prices in July. The most expensive regions to rent a property are Madrid and Catalonia, with prices of 15.39 €/m2 per month and 14.79 €/m2 per month, respectively, followed by the Basque Country and the Balearics.

By municipalities, in the Balearics, year-on-year rental prices are up 30.8% in Calvia and 12.6% in Palma.

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Calvia is the most expensive municipality with 19.43 €/m2 per month, followed by Palma with 12.88 €/m2 per month.