Property

Balearics third most expensive region for property

The average cost per square metre in the Balearics was 2,273 euros in the final quarter of 2018. | G. Alonso

Majorca Daily Bulletin reporterPalma04/03/2019 18:58

The national ministry of development has released its latest information about the average cost of buying a property in provinces of Spain. The Balearics, treated as a province for this purpose, was the fifth most expensive in the country in the final quarter of 2018.

The average cost per square metre in the Balearics was 2,273 euros. The most expensive was Gipuzkoa with 2,680 euros. Compared with the cheapest region, Ciudad Real in Castile-La Mancha, the Balearic cost was three times higher. For a property of 90 square metres in the Balearics, the average price was 204,500 euros: in Ciudad Real it was 68,000. And yet the difference in average salaries, according to National Statistics Institute's figures, is only 170 euros in favour of the Balearics at 1,796 euros per month.

In regional rather than provincial terms, the Balearics was the third most expensive after Madrid and the Basque Country. The national average cost per square metre was 1,619 euros.

The ministry's figures look at the cost in municipalities with 25,000 or more residents. In this respect, Calvia was the most expensive in the final quarter - 2,635 euros. Palma was second on 2,007 euros. Inca, by contrast, was just 1,348. The most expensive municipality in the Balearics, at a cost of 3,530 euros, was Ibiza.