In recent years, the property market in Benidorm has witnessed a substantial and unprecedented surge in both rental and ownership prices. As of August 2023, Benidorm stands out as the eighth most expensive city for rentals across Spain, surpassing even the capital city of Valencia within the Valencia region. This surge isn't confined to seasonal fluctuations, as Benidorm emerges as the city with the most significant year-on-year increase in house prices across Spain.
The rental market in Benidorm experienced a staggering 35.6% increase in August 2023 compared to the same period in 2022. This remarkable surge makes Benidorm the leader in rental price hikes among Spanish cities. In comparison, Valencia saw a 24.8% increase, Alicante experienced a 20.5% rise, and Castellón observed a 10.8% uptick during the same period.
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The average rental price per square meter in Benidorm reached 17.14 euros in August 2023, securing its position as the eighth-highest among all Spanish cities. Barcelona claims the top spot with an average rent of 20.84 euros per square meter, followed by Madrid at 18.54 euros per square meter.
Among the provincial capitals in the Valencia region, Benidorm emerges as the costliest for renters. Valencia is the second most expensive city, with an average monthly rent of 13.84 euros per square meter. Calp follows closely as the second most expensive city in the region, commanding an average rental price of 16.24 euros per square meter each month.
Benidorm's rental costs have historically been elevated. In 2015, the average price stood at 6.20 euros per square meter, demonstrating an almost threefold increase to the current 17.14 euros. For instance, an 80-square-meter apartment now commands approximately 1,370 euros, a stark contrast to the 500 euros it cost eight years ago. The gap between Benidorm and Valencia's rental prices, already existing, has now expanded even further.