The price of housing has skyrocketed in the Balearic Islands, and in some cases, it has become inaccessible for a large part of the population. This is highlighted in a study published on Monday by the property portal Fotocasa, which reveals that three areas in the Balearics are among the 19 most expensive in Spain for buying a home. The price per square metre in these three areas range from 9,456 euros to 7,945 euros.
Specifically, one of them is the town of Santa Eulària des Riu, which occupies the eighth position. The average price per square metre is 9,456 euros, which is 396% more expensive than the national average. The second area on this list is Portals Nous, located in the municipality of Calvia, which ranks in eleventh place. The average price per square metre here is 8,372 euros, a 350% premium compared to the national average. The third most expensive area in the Balearic Archipelago is Marina Botafoc - Platja de Talamanca, in Ibiza. The average price per square metre is 7,945 euros, representing 333% more than the national average.
In the Balearics...
Below the 8,000 euros per square metre threshold, the report highlights areas such as Cas Català - Illetes and Palmanova in Calvia, as well as Dalt Vila and Figueretes-Playa d'en Bossa in Ibiza.
In the price range below 6,200 euros/m² but above 5,600 euros/m², the list of the twenty most expensive areas in the Balearics includes neighbourhoods such as Can Misses, Sant Agustí-Cala de Bou in Sant Josep, as well as the town of Sant Antoni de Portmany.
In this regard, the islands of Mallorca and Ibiza are home to the most expensive neighbourhoods in the Balearics.
On the other hand, the areas that have seen the greatest year-on-year increase in property prices in the Balearics are the towns of Santa Eulària des Riu (+71%) and Sant Antoni de Portmany (+15%), as well as the neighbourhoods of Porto Cristo in Manacor (+29%) and Son Amonda in Inca (+15%) in Mallorca.
The most expensive neighbourhoods in Spain
Fotocasa's report reveals that the most expensive neighbourhood in Spain to buy a home is Recoletos, located in Madrid, where the price per square metre rises to 10,650 euros, a 446% increase compared to the Spanish average. It is followed by Castellana, also in Madrid, with the price per square metre reaching 10,650 euros; Jerónimos, in the capital, with an average price of 10,032 euros per square metre; and the Salamanca district, with 9,915 euros per square metre.
The property portal highlights that "for the most expensive neighbourhoods in Spain, their prices are nearly four times the national average cost per square metre, which closed 2024 at 2,389 euros per square metre, according to data from the Fotocasa Real Estate Index." They also note that the Community of Madrid, the Balearic Islands, the Basque Country, Catalonia, and Andalusia dominate the first twenty most expensive neighbourhoods in Spain for purchasing a property.
"The combination of economic dynamism, quality of life, and tourist appeal attracts higher-income earners both nationally and internationally, leading to strong demand from potential buyers with high purchasing power. This market trend has historically led to the emergence of areas with extremely high purchase prices, which sometimes quadruple the national average price per square metre. These are the most expensive neighbourhoods in Spain, where a home can already reach prices around one million euros," explains María Matos, Director of Studies and spokesperson for Fotocasa.
No comments
To be able to write a comment, you have to be registered and logged in
Currently there are no comments.