Rental prices in Benidorm and the entire province of Alicante continue to rise. According to the latest report from the Fotocasa platform, rental costs in Benidorm have more than doubled compared to ten years ago. In April 2024, rental prices were 138 % higher than in the same month in 2014. An flat that cost 500 euros back then now costs an average of 1,190 euros per month.
The sharp rise in rental prices is particularly pronounced in the tourist capital, but is also reflected in other coastal municipalities. El Campello recorded an increase of 137 %, Denia 129 %, Alicante city 126 %, Santa Pola 119 % and Torrevieja 107 %. This puts these municipalities well above the Spanish average of 78 % over the last ten years.
In Benidorm, the average rental price in April 2024 is €1,685 per month. Prices vary considerably depending on the neighbourhood and proximity to the sea. Flats with more than one bedroom for less than €1,000 per month are rare, especially in areas far from the beach. In the newly developed Poniente area, flats with three bedrooms cost up to 3,000 euros.
The rise in rental prices has exacerbated the situation for the residents of Benidorm. The demand for flats significantly exceeds the supply, which is pushing up rental costs even further. In addition, the start of the summer season means that many owners are using their properties for holiday rentals, which is putting further pressure on the market.
According to Fotocasa, rental price development in Spain as a whole has seen a cumulative increase of 78 % in ten years, from an average of 6.91 euros per square metre in April 2014 to 12.30 euros in April 2024. In the Comunidad Valenciana, the increase is as high as 139 %. Gandía and the city of Valencia top the list with an increase of 185 % and 150 % respectively.
Maria Matos, Head of Studies at Fotocasa, emphasises that the current developments point to an overpriced rental situation and make access to housing considerably more difficult. The drastic price increases are a major challenge for many people.
The situation in Benidorm and other municipalities in the province of Alicante highlights the urgent need to take measures to regulate and control rents in order to tackle the housing crisis and ensure affordable housing for all.
