Spains booming housing market sets new record, but its pain for renters as price rises continue to soar in double digits where does your area rank? [Video]

SPAIN’S housing market continues to burn brightly, with both purchase and rental markets seeing near-double digit price rises year-on-year.

Homeowners and landlords will be pleased to learn that house prices have risen 8.6%, while rentals have exploded 10.4%, according to new data from housing portal idealista.

To buy a home in Spain will now cost you an average of €2,176 sqm – a new record for the country.

The Balearics continues to be the epicentre of Spain’s price spiral. At €4,512 sqm, it is the most expensive in Spain – up 13.2% on last year.

READ MORE: Housing crisis is laid bare in Spain’s Balearic Islands: One in three homes are empty or are only used for a few days per year, figures reveal

Meanwhile, rental prices have skyrocketed a barely-believable 18.7% in Palma de Mallorca and 14.6% across the Balearic Islands, where renters pay €18.9 sqm.

The Madrid Community continues to be …