Rents in the Valencian Community have climbed sharply over the past year, reaching their highest level on record. According to the latest Idealista report, average rents rose by 11.1 per cent in January compared with the same month last year, standing at 12.7 euros per square metre. This is the joint largest annual increase in Spain, shared with Castilla-La Mancha.

Both Valencia and Alicante provinces recorded new highs. In Valencia province, rents rose by 10.5 per cent to 13.9 euros per square metre, while Alicante saw an 11.1 per cent increase to 12.2 euros. Castellón also experienced strong growth, with rents up 10.9 per cent to 8.8 euros per square metre.

In the regional capitals, Castelló de la Plana saw a 9.1 per cent rise, with average rents at 9.1 euros per square metre. Alicante city reached a new record of 12.8 euros after an 8.9 per cent increase, while Valencia city remains the most expensive, up 8.7 per cent to 16.3 euros per square metre. Outside the capitals, Benidorm recorded the highest prices at 16.4 euros.

Across Spain, average rents rose by 8.1 per cent year on year to 15 euros per square metre. All regions saw increases, with the strongest growth in the Valencian Community and Castilla-La Mancha, while Catalonia recorded the smallest rise.