The cost of renting continues to rise in Murcia and is now higher than buying in some areas

Four towns have now passed nine euros per square metre, with La Manga reaching over ten

The latest figures from Idealista show that, on average, rents in the region went up by 9% in February compared with last year, reaching €9.10 per square metre. Renting, which not long ago offered a more affordable alternative, is now often more expensive than buying in many areas.

Four municipalities have already gone over the €9 mark. La Manga is the most expensive, with rents reaching €10.10 per square metre, where the market is very different due to tourism and coastal demand, while the city of Murcia follows at €9.70. San Javier and San Pedro del Pinatar are both at €9.10, and Mazarrón averages €9.30. 

Other towns are slightly lower but still expensive compared with a few years ago. Cartagena averages €8.70 per square metre, with Los Alcázares and Torre Pacheco around €8.60. Peripheral towns like Alcantarilla and Molina de Segura are still cheaper at about €7.40, though prices there are climbing too.

The rising rents add more pressure on an already tense housing market. In the city of Murcia, a typical mortgage payment for a two-bedroom home is around €546 a month, while renting a similar property costs €751, almost 30% more. The main hurdle to buying is still the large deposit required. In Murcia, prospective buyers need to have around €50,500 saved before they can secure a mortgage.

Across Spain, the picture is similar. The average monthly mortgage for a two-bedroom property is €698, while renting costs €1,088. On paper, buying is cheaper month to month, but the upfront savings required, around €64,500 on average, put it out of reach for many people.

The cities with the highest property prices demand the biggest deposits. In Palma, buyers need €147,100, followed by San Sebastián (€137,700), Madrid (€117,800), and Barcelona (€103,100).

All of this means moving from renting to owning is becoming harder for many families, even if monthly mortgage payments can be cheaper than rent. High rents combined with the large deposits needed continue to make the housing market a challenge across the region.

Read also: Murcia's rental crunch: More bidders, higher rents and fewer homes available

Image: Archive