30% of home sales in the Balearics in 2023 were to foreigners

The registrars' report, released on Thursday, confirms what the College of Notaries pointed to in its report earlier in the week - a stabilisation of house prices.

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But as with all reports regarding the property market, the figures presented by the registrars and the notaries do differ. According to the notaries, the average price per square metre in the Balearics in 2023 was 3,186 euros per square metre. The registrars put this at 3,267 euros, the same as in the Madrid region. The notaries reported that the Balearics had slipped to second behind Madrid.

Whereas the notaries highlighted a 0.4% decrease in house prices last year, the registrars note that there was a slight increase. Nevertheless, there is general agreement about price stabilisation and so an end to the situation which saw the average house price on the islands rise by 37% between 2019 and 2022.

The ABSI real estate association says that there is an indication that the market has reached a ceiling and that prices will tend to remain stable. The association puts this down to the rise in interest rates. This has led to a decrease in sales and, where the association is concerned, a slight decrease in prices.