Fifty per cent increase in Balearic house prices over five years

Madrid had the second highest increase

Looking at estate agent offers in Minorca

The five-year increase took account of a slight fall in 2020. | Josep Bagur Gomila

Majorca Daily Bulletin reporterPalma24/02/2021 16:55

House prices in the Balearics have risen by 51% in the past five years and 20% in the past ten years.

A study entitled the 'Cumulative variation of housing in Spain 2020' by property website Fotocasa has analysed the prices paid for homes in 2015 and compared these with the end of 2020. The average price per square metre in December 2015 was 1,848 euros. In December 2020, it was 2,794 euros, the study noting that there was a 0.4% decrease in value in 2020.

The average price of a property of 80 square metres in 2015 was 147,868 euros. By last year this had risen to 223,502 euros.

In three regions of Spain there was a cumulative increase in price over five years that exceeded 30%. The Balearics increase of 51% was the highest, followed by Madrid (39%) and the Canaries (38%). The national average was 16%. In Palma, Fotocasa notes, the price rose 58%.