Rents are escalating quickly in Vigo, outpacing many other Spanish cities. Data from the Idealista real estate portal, which aggregates a large share of homes for sale and rent, shows that since 2015 the average price per square meter has risen 38.8 percent, from 6.7 euros to 9.3 euros. A 50-square-meter apartment cost 335 euros monthly eight years ago; today it costs 465 euros, up 130 euros.
The concern grows when Vigo’s figures are compared with Spain’s major cities. Madrid leads in growth, surpassing Bilbao, Córdoba, Valladolid, and Seville in terms of population and price shifts.
Olívica stands as the sixth-largest city in Spain. Among the 14 most populous cities, Vigo sits near the lower end of rental prices, registering the market’s lowest figures in the historical series at 6.7 euros per square meter. To see higher prices, one would look to cities like Valencia, Alicante, Málaga, or Palma de Mallorca, where yearly increases reach double digits of 81.5 percent and more in some cases, reflecting dramatic urban price shifts.
In August 2015, Vigo’s rental prices ranked eighth among major cities, behind Valladolid, Córdoba, Alicante, Murcia, Málaga, Zaragoza, and Valencia. Since then, Vigo has climbed the ranking, and today only four cities have lower rents: Valladolid, Córdoba, Murcia, and Zaragoza. Olívica has also become the country’s fifth-largest city where the average monthly rent rose the least over the past year, climbing from 8.7 euros per square meter in August 2022 to 9.3 euros. The months of March and April saw a further uptick of roughly 6.5 percent, reaching around 9.5 euros per square meter.
When the data are examined more closely, the situation in Galicia’s most populous city looks concerning but is even more pronounced in other large urban centers in the region. Alicante and Valencia lead the broader ranking, with rental prices in these two Valencian Community cities rising by 22.4 percent in a single year to 10.6 euros and 12.2 euros per square meter, respectively. Yet Madrid continues to push higher, with around 14.7 euros per square meter, while Palma de Mallorca and Barcelona hover near 19.4 euros.
Vigo’s numbers remain lower than those in several major cities, with Valladolid showing a modest 2.8 percent increase, Zaragoza 4.5 percent, Bilbao 4.6 percent, and Murcia 5.2 percent. Collectively, these four regions contribute to a broader 6.2 percent rise in Vigo’s rental percentage against August 2022. In absolute terms, Vigo remains one of the more affordable large cities in Spain, with comparisons to Valladolid at 7.6 euros, Córdoba at 7.9 euros, Murcia at 8.2 euros, and Zaragoza at 9.2 euros per square meter monthly.
The rise in Vigo’s rents partly stems from the absence of an updated General Municipal Planning Plan PXOM, which affects supply. Available listings sit around 420 properties, according to the Vigo Real Estate Association (Asemi) and Fegein, while Idealista notes nearly 500 apartments and houses transitioning to the growing holiday market. The city already hosts more than 1,330 tourist homes.
Big increases in Galicia
The near 40 percent surge in Vigo’s average rent since August 2015 stands out but is not unique in Galicia. Lugo has seen about a 55 percent increase, with average prices rising from 4.2 to 6.5 euros per square meter. Santiago de Compostela is trending around a 50 percent rise, moving from 5.7 to 8.5 euros. A Coruña, the most populous city in the region, climbed from 6 to 8.9 euros, a 48.3 percent jump, and Ourense rose from 4.4 to 6.4 euros, about 45.5 percent.