House prices have spiked again in the Balearics this year.

House prices have spiked again in the Balearics this year. | Majorca Daily Bulletin reporter

Humphrey CarterPalma05/02/2024 11:51
TW
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The price of used housing in the Balearics recorded spiked by 15.2% in January making it the most expensive in Spain despite the fact that the rise was the lowest in the past 13 months, according to the real estate portal Fotocasa.
Compared to December 2023 the rise in January was 0.7%.

According to the study the price of housing has kicked off 2024 with a bulky growth, leaving behind the trend of moderation and confirming a new pace of acceleration.

It also detects significant - double-digit - increases in the main stressed communities, including the Balearics.
The study reveals that in 16 communities the year-on-year price increased in January.

Unlike other months, in which increases of more than 10% were seen in six communities in January: the Canary Islands (23.7%), Balearics (15.2%), Madrid (12.7%), Region of Murcia (11.1%), Valencia (11.0%) and La Rioja (10.5%).

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It is followed by the Autonomous Communities of Aragon (9.5%), Navarre (9.5%), Andalusia (9.0%), Cantabria (7.7%), the Basque Country (5.6%), Catalonia (4.3%), Castile-La Mancha (3.7%), Galicia (3.3%), Asturias (3.1%) and Castile and Leon (1.6%).

In terms of the ranking of Autonomous Communities (CC.AA.) with the most expensive second-hand property prices in Spain, the Balearics and Madrid are the most expensive, with prices of 3,872 euros/m2 and 3,852 euros/m2, respectively.

They are followed by the Basque Country with 3,087 euros/m2, Catalonia with 2,771 euros/m2, the Canary Islands with 2,450 euros/m2, Navarre with 2,050 euros/m2, Andalusia with 2,010 euros/m2, Cantabria with 1,933 euros/m2, Aragon with 1,768 euros/m2, the Valencian Community with 1. 766 euros/m2, Galicia with 1,713 euros/m2, La Rioja with 1,695 euros/m2, Asturias with 1,657 euros/m2, Castilla y León with 1,480 euros/m2, Región de Murcia with 1,320 euros/m2, Castilla-La Mancha with 1,202 euros/m2 and Extremadura with 1,194 euros/m2.

The average price of second-hand housing rises in 11 of the 14 municipalities with year-on-year variation analysed by Fotocasa. The largest increases correspond to Capdepera (28.3%), Ciutadella de Menorca (25.9%), Manacor (22.6%), Ibiza (18.9%), Pollensa (16.4%), Campos (15.1%), Palma (13.5%), Calvia (9.2%), Alcudia (8.3%), Llucmajor (6.7%) and Inca (5.3%).

As for the price per square metre in January, the ranking of the most expensive cities is: Ibiza with 6,747 euros/m2, followed by Santa Eulària des Riu with 5,740 euros/m2, Calvia with 5,458 euros/m2, Andratx with 5,354 euros/m2, Sant Josep de sa Talaia with 5,275 euros/m2, Campos with 4,602 euros/m2, Santanyí with 4,493 euros/m2, Sant Antoni de Portmany with 4,418 euros/m2 and Palma with 4,099 euros/m2.