Rents continue to skyrocket in Vigo and have increased more than most cities in the country. According to the statistics compiled by the Idealista real estate portal, which brings together the largest number of houses for sale in the market, Since 2015, the average square meter price has increased by 38.8 percent: It increased from 6.7 euros to 9.3 euros. So eight years ago it was necessary to pay 335 euros to live in an apartment of 50 square meters; now 465 euros, 130 more than then.
The situation becomes even more worrying when the numbers are compared to the rest of Spain’s major cities: percentage of increase Madrid surpasses Bilbao, Córdoba, Valladolid and Sevillacities with more population.
At any rate, Olívica is the sixth-largest city in the state – in which case the 14 most populous cities are considered, the list where Vigo closes the list with almost 300,000 inhabitants – where the average rental price has increased the least since August 2015. This is a milestone shared between January and February 2016 and October and November 2014, with the Vigo rental market recording the lowest figure in the historical series: 6.7 euros per square metre. You have to look far away to see the numbers achieved by Valencia, Alicante, Malaga or Palma de Mallorca; The percentages are even more stunning: they reach 103.3%, 89.3%, 82.9% and 81.5% in the same order.
In August 2015, the rental price in Vigo was the eighth lowest among major cities. They were under Valladolid, Córdoba, Alicante, Murcia, Málaga, Zaragoza and Valencia. Now, there are only four with lower numbers: Valladolid, Cordoba, Murcia and Zaragoza. La Olívica became the country’s fifth largest city where the average monthly amount required for rents increased the least last year: from 8.7 euros per square meter in August 2022 to 9.3 euros; This was close to a record. In the last months of March and April, there was an increase of 6.5% with 9.5 euro.
If we zoom in on the data, we realize that the situation in Galicia’s most populous city is worrisome, but much more so in other major metropolises in the province. Alicante and Valencia take the lead in this ranking: the rental price in these two cities of the Community of Valencia has increased by 22.4% in just 12 months: 10.6 euros and 12.2 euros, respectively. These are still far from the averages of the capital Madrid, which claims 14.7 euros, the 19.4 euros it shares with Palma de Mallorca and Barcelona.
They are lower in the Valladolid classification, with a 2.8% increase in development compared to a year ago; Zaragoza with 4.5%; Bilbao with 4.6%; and Murcia with 5.2%. These are the four regions that increased the Vigo percentage by 6.2% compared to August 2022. In absolute terms, Olívica is also the fifth largest city in Spain with the lowest rental price. Look in the rearview mirror in Valladolid, which charges an average of 7.6 euros per square meter of residence; Cordoba, 7.9 euros; Murcia, 8.2 euros; and Zaragoza, 9.2 euros.
The increase in rental prices in Vigo is partly due to the lack of an updated General Municipal Planning Plan (PXOM); this affects low supply – almost 420 properties are available according to the Association of Real Estate Companies in Vigo (Asemi) and the Federation of Galician Real Estate Companies (Fegein); Idealista also offers transfers of almost 500 apartments and houses to the growing holiday market – there are already more than 1,330 tourist homes in the city.
Big increases in Galicia
The almost 40% increase in the average rental price in Vigo since August 2015 is insufficient compared to most Galician cities. In Lugo, the increase is close to 55%; the average price increased from 4.2 to 6.5 euros. In Santiago, this rate is close to 50%; Between 5.7 and 8.5 euros. They also leave behind the most populous city of the community, A Coruña (from 6 to 8.9 euros by 48.3%) and Ourense (from 4.4 to 6.4) by 45.5%.