Housing is more expensive in towns outside Palma

THE pressure on town councils outside Palma to build new homes is being reflected in the rising prices of new housing, which are now exceeding prices in the capital. According to a study by the consultants Tinsa for the Balearic Housing Observatory, the average price per square metre for a new home in an outlying town or village is rising. In Calvia, for example, the average price is 3'005 euros per square metre, in Marratxi 2'649, in Llucmajor 2'521, in Bunyola 2'591, and in Valldemossa 2'810. These all equal or exceed Palma's average price of 2'665 euros per square metre for this type of home. The most expensive town for new housing is Andratx (3'198 euros per square metre), while the cheapest towns are Porreres (1'678), Santa Margalida (1'699), and Sa Pobla (1'713). The price of second hand housing, according to the report, is following the same route. In the capital property goes for an average price of 2'142 euros per square metre, while in Calvia the average price is 2'292 euros, in Marratxi 2'223, and in Llucmajor 2'143. The report, presented by the Balearic Ministry for Public Works, Transport and Housing as a tool for the new Observatory, was compiled during the second quarter of the year from more than 4'800 reports on property valuations throughout the Balearics. The study collected comparative data, showing that the average price of new housing in Palma is 3.03 percent higher than the average throughout the Balearics (2'587 euros per square metre). At the same time the value of new housing in the Balearics, according to these valuations, is 10.27 percent higher than in the rest of Spain.