Image: Esteban Martinena / Shutterstock.com.
In the third quarter, the supply of rooms in shared flats across Palma and Mallorca experienced notable shifts.
The figures come according to a report by Idealista, a leading real estate marketplace in southern Europe.
Room availability in Palma dropped by 17 per cent year-on-year, highlighting a tightening market in the Balearic capital.
Average Cost
Despite this decrease in supply, rental prices in Palma surged by 22 per cent, one of the highest increases in the country, bringing the average cost of a room to €500 per month, making it the third most expensive city for shared accommodation after Barcelona and Madrid.
Nationally, the supply of shared rooms grew by 20 per cent, keeping rental prices relatively stable, with a modest 5 per cent increase, averaging €400 per month. However, Palma stands out with its significant price hike compared to other cities.
City Contrast
In contrast, cities like San Sebastián (-27 per cent), Teruel (-22 per cent), and Bilbao (-20 per cent) also saw declines in supply, but none with such a notable impact on rental costs as in Palma.
Although Palma’s room availability tightened, other cities saw sharp increases in supply. Badajoz led with a 163 per cent rise, followed by Castellón de la Plana (83 per cent), Albacete (77 per cent), and Valencia (75 per cent).
In larger rental markets like Malaga and Barcelona, supply surged by 32 per cent and 11 per cent respectively.
