REPORT CONFIRMS HOUSE PRICES IN BALEARICS ARE AMONG HIGHEST IN SPAIN

THE average price of subsidised housing in the Balearic Islands is the most expensive of any Spanish region at 1'317.11 euros per square metre.
It is also the fourth most expensive for the private housing market, costing 1'698.77 per square metre.
The Ministry of Public Works reported yesterday that, over the last twelve months, the price of subsidised housing in 2003 grew by 2.05 percent, and private market construction by 17.50 percent. The average price under the subsidised housing programme in Spain this year (part of the 2002-2005 National Housing Plan), is 1'008.11 euros per usable square metre. For the private housing market, 1'402.57 euros per square metre is a national average. Under the national Housing Plan, the different regions of Spain have established varied maximum prices for subsidised housing. The basic national price, fixed by the government at 636.25 euros per usable square metre has been used as a starting point. Most of the communities have topped up the price with a 2 percent increase to the final maximum price, with the exception of Castilla-La Mancha who have maintained 2002 prices for this year as well; Murcia, which has raised prices by 1.6 percent and Catalonia, where costs have risen by 2.6 percent. The region with the highest average price for subsidised housing is the Balearics, with 1.317.11 euros per square metre; followed by Madrid with 1'268.79 euros and Catalonia, 1'118.19 euros; Ceuta, 1'091.80 eors; Asturias, 1'050.54 euros and La Rioja, 1'000.68 euros. Communities with the lowest prices for subsidised housing are Extremadura with 696.98 euros per square metre; Melilla, 797.21 euors; Murcia, 815.92 euros; Valencia, 868.16 euros, and Andalucía, 873.21 euros. Regarding private housing market, the national average price per square metre of built property (it is not quantified in terms of usable square metres), is 1'402.57 euros. Communities with highest prices for private housing are Madrid, with 2'456.12 euros per square metre; followed by the Basque Country, 2'106.97 euros; Catalonia, 1820.77 euros and the Balearic Islands, 1'698.87 euros. Lowest private housing costs are found in Extremadura with 620.97 euros per square metre; Castilla-La Mancha, 773.04 euors; Galicia, 838.85 euros and Murcia, 848.94 euros. The greatest growth rates in the last 12 months in the private housing market are witnessed in Madrid with 30.46 percent; the Basque Country, 20.78 percent; Catalonia, 19.34 percent and Cantabria, 18.5 percent. Communities with the least increase in this area over the last twelve months were Galicia, with 5.02 percent; Castilla y León, 5.13 percent and the Canary Islands, 6.35 percent, the ministry report said.