Price of homes in the Balearics goes up five per cent

This increase was the third highest in the country. The Madrid region led the way with 8.3% followed by La Rioja on six per cent. The national average price per square metre was 1,590 euros, a rise of 3.2%. There have now been increases for fourteen consecutive quarters, reversing the situation by which prices fell for 26 quarters from 2008.

The ministry's figures provide a distinction between the price for properties that are less and more than five years old. For newer properties, the average in the Balearics is 2,584 euros per square metre; for older ones it is 2,257 euros.

For municipalities with 25,000 or more inhabitants, the highest price of 3,318 euros is in Ibiza Town. The second highest price, 3,189 euros, is also in Ibiza - Santa Eulalia del Rio. In Calvia it is 2,884 euros, Marratxi 2,025 euros and Palma 1,925.