The average price of a home in the Balearics fell by one per cent in 2023

The yearbook confirms that 2023 was not a great year for the property market. Sales in the Balearics fell by 20%, the consequence of a combination of property prices and the rise in interest rates. This decrease was twice as great as for Spain as a whole - 9.8%.

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Both local and foreign purchasers were affected to a similar degree. The foreign market continued to account for roughly one-third of transactions - 31.5% to be precise - but this was three percentage points down on 2022. The main foreign market was Germany, with 38.2% of all foreign purchases, followed by the UK (10%), Italy (5.9%) and France (5.4%).

As to prices, the yearbook points to a 1.1% fall in the average price of a home in the Balearics in 2023. This was in line with the national average. Actual prices were not. The average price paid last year was 342,849 euros; this was the highest in the country. The lowest average price in Spain was 80,898 euros in Extremadura.