Property

House prices in the Balearics are up by a quarter

In Palma the price per square metre has gone up by almost 30%. | S. Cases

Majorca Daily Bulletin reporterPalma27/12/2017 00:00

According to the Idealista real-estate website, the price of homes (excluding new builds) in the Balearics has increased by 25.3% this year to an average of 2,472 euros per square metre. This makes the Balearics the most expensive region in Spain.

The highest increase has been in Palma, where the price has gone up 29.1%; this is the biggest percentage rise for a Spanish capital city. In Calvia, the price has risen by 20.1% to 3,062 euros per square metre. The most expensive municipality is Santa Eularia in Ibiza at 3,348 euros.

By contrast, the cheapest municipality in Majorca is Inca, where the average price is 1,206 euros. Then come Sa Pobla (1,276) and Felanitx (1,307).

Of other Spanish cities, the most significant price rise after Palma has been in Malaga, with a 16.7% increase to 1,934 euros. The most expensive city is Barcelona (4,284 euros per square metre) which has displaced San Sebastian from the top position: the price in the Basque city is 4,052 euros. In Madrid the price is 3,285 euros.

Fernando Encinar, head of research at Idealista, says that while prices have gone up in general, there are still two speeds of price rise. The Balearics, the Canaries, Madrid, Barcelona, Malaga and Valencia are in a different league compared with many parts of Spain's interior.