Costa News Spain Breaking News | English News in Spain.
Last year, the cost of buying property in the Balearic Islands grew by 15.2% – the largest increase in Spain.
Figures from the College of Notaries means that the average price of a flat stood at €3,435 per m2 as of December 2024.
Widening out the calculation means that an average-sized flat of 101 m2 would cost €346,935- up by €46,561 on 2023 levels.
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The disparity in the price of a home is so large that just by increasing it, you could purchase a house in many regions throughout Spain.
The price hikes cover all real estate in the Balearics with the notaries saying that a single-family home would come in at €867,768 last year, meaning a staggering average increase of €124,982 on 2023.
With a 0.4% drop in house prices two years ago, the market was deceived. However, with lower interest rates and greater mortgage availability, it has seen a dramatic recovery to levels not seen for two decades.
The ever-widening difference between the real estate prices on the Balearic Islands compared to the rest of Spain is also a cause for concern.
The Balearics had a 15.2% average rise in 2024. This was almost double the national average of 6.9%.
Analysts predict that the trend will continue into this year.
