Palma house prices rise by 22 per cent

Property prices in the Balearics, and in Palma especially, appear to continue going through the roof. According to figures released yesterday by Tasaciones Inmobiliarias, TINSA, during the period June 2000 to June 2001, “used” house prices in Palma rose by 22 per cent - the sharpest rise in Spain. The national average increase in house prices in cities was 12 per cent and 13 per cent elsewhere. However, the most expensive region to buy used property is Madrid, where on average, a square metre is valued at 239'500 pesetas. The cheapest areas are Extremadura, where a square metre is currently valued at 71'700 pesetas and Castilla-La Mancha - 86.500 pesetas per square metre. Madrid is still the most expensive city in Spain where a square metre in the city is valued at an average of 283.800 pesetas.