From 2025 onwards, rentals will rise by a maximum of 2.2% in Hegoalde
- The National Institute of Statistics (INE) published a new benchmark on 2 January, indicating that rent prices will be able to rise by 2.2% annually from 2025. This index is a consequence of the Housing Act which entered into force on 25 May 2023 and will affect the contracts signed from that date. The aim of the measure is to prevent "excessive increases" in the structure.
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Rent prices were traditionally updated according to the CPI, but the crisis caused by the Ukrainian war and inflation led the Spanish Government to set a limit of 2% by 2022. By 2024 this limit rose to 3%, but the current new benchmark takes into account the CPI, the underlying inflation and the average between them. Thus, the first rate applied in January 2025 was 2.2%, and will be updated monthly based on the most recent data.
In the last year, rent prices in Hego Euskal Herria have increased significantly. According to the Idealista portal, in 2024 prices rose by an average of 8% in Hego Euskal Herria, and the average price per square meter was 12.5 euros per square meter. Gipuzkoa was the territory with a more expensive square meter price (16.1 euros), while Donostia-San Sebastián was the most expensive capital in the Basque Country with an average of 18 euros per square meter.
According to the Spanish Housing Law, this new index will only apply to contracts concluded from 25 May 2023. For contracts previously concluded, increases will continue to be calculated on the basis of the CPI. If the owner decides to apply the increase, he/she may renew the contract up to a maximum of 2.2%, provided that the conditions and deadlines set are respected.
Complementary regulations are established in areas of high voltage or large owners. In these areas the new rents will not be above the income of the previous five years, and the large owners will have to comply with maximum and minimum prices. These measures are being taken with the aim of ensuring the stability of the rental market and mitigating the effects of inflation in the face of the historic upturn in prices in recent years.
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