Benidorm Housing Costs Put Pressure on Local Residents

Rising property prices and rents are making it increasingly difficult for some people who work in Benidorm to find affordable accommodation in the city.

The issue has been highlighted in a recent report examining the pressure on Benidorm's housing market, with rental and property prices continuing to rise.

According to figures, an 80-square-metre property in Benidorm costs an average of around €1,408 per month to rent, based on Idealista data.

Buying a property of the same size costs around €348,320, according to figures from Fotocasa.

Pressure on local workers

The rising cost of housing is particularly significant in a city where tourism provides employment for thousands of people.

The experiences of younger residents who are struggling to find long-term accommodation at prices they can afford.

Some workers are reportedly looking outside Benidorm for homes, while others remain living with parents because of the cost of renting independently.

The situation also has implications for businesses that depend on local workers, particularly the hospitality sector.

Holiday rentals and foreign investment

The report examines several factors contributing to the pressure on housing, including the growth of tourist accommodation and demand from overseas property buyers.

Limited availability of land for new development is another factor highlighted in the report.

At the same time, Benidorm continues to attract investment in new developments, particularly in areas such as Poniente, where there has been significant construction of higher-end properties.

Plans for affordable housing

The report also points to plans for new affordable rental properties in Benidorm.

The Valencian regional government has discussed the construction of around 100 affordable homes in the Poniente area, while Benidorm's mayor has highlighted measures by the local authority intended to increase the supply of housing.

The housing issue is likely to remain an important topic in Benidorm as the city attempts to balance its role as one of Spain's leading tourist destinations with the needs of people who live and work there.

For British residents and property owners, the continuing rise in local property values and rents is also an important development to watch.