Balearic property still going up in price

Across Spain as a whole, the cost of housing rose 4.3 percent during the same period to stand at 3'102.24 euros.
There were however, some downturns registered; in Aragón there was a 3.1 percent drop to 2'921 euros; Madrid (-2% to 3'413); and Navarra (-0.77% to 2'702 euros).

Jose Antonio Galdeano, president and founder of “Expofincas” asserted that the national average sale price of a property which has had previous owners (second hand) reached 292'000 euros during the first six months of this year, a figure which represents an increase of 6.1 percent over and above the same period in 2006. Galdeano said however, that the price of a square metre of constructed property grew more than the national average in the Balearics (+7.1% to 2'679 euros) and in Andalucia (+6.5% to 2'206 euros).

Increases were more moderate in Castilla-La Mancha (+4.2% to 2'594 euros); Galicia (+4% to 2'462 euros); Murcia (+2.7% to 2'797 euros) and the Canary Islands (+2.2% to 1'494 euros; Valencia (+1.2% to 1'640 euros) and Catalonia (0.5% to 3'446 euros). In the case of Madrid, the current averge price of a home which has already had one or more owners reached 262'103 euros during the first six months of this year. In the neighbourhoods of the capital, the type of property which is most sought after appears to be third floor flats about 30 years old, measuring some 60 square metres and situated in the more established areas of the city.

K Farmland price increase
BACK on the Balearics however, property prices were not the only ones to go up during the first six months of the year.
The average price of farmland in the Islands rose by 5.5 percent over and above those registered in 2006 to to reach a value of 20'763 euros per hectar, almost double the amount of the Spanish national average which stands at 10.402 euros.

According to a report which has been issued each year since 1983 by the central government Ministry for Agriculture and Fish, the average price of arable land across Spain rose by 7.1 percent.

Land which has priced itself notably higher than average includes areas where specially cultivated fruit and vegetables are farmed - strawberry plants, olives, fruit trees and garden produce which need to grow on irrigated.

Areas used for dry crop farming have gone up in price by 6.6 percent during the first six months of this year compared to the corresponding period in 2006.

Irrigated land prices, however, rose by 7.9 percent this year, slightly less than the increase undergone the previous year.
Looking at Spain as a whole, price increases over and above the average were registered in Asturias, Cantabria, Andalucia, Valencian and La Rioja; whereas they actually went down in Aragón and Castilla-La Mancha.

Dry crop farming land increased by 3.3 percent, most notably in La Rioja and Murcia but irrigated land rose by 4.1 percent, prominently in Aragon and Valencia. Pricdes remained stable in Castilla y León.