Alex Trelinski
THE cost of buying a property in the Balearic Islands rose by 15.2% last year- the biggest rise anywhere 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 is such that the increase alone could buy a property in some of Spain’s regions.
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.
There was a false dawn two years with a 0.4% reduction in house prices, but with falling interest rates and a greater availability of mortgages, there has been a dramatic rebound to levels not seen since the property boom two decades ago.
Of concern as well is the ever-widening gap between real estate prices in the Balearic Islands and the rest of Spain.
The average national rise was 6.9% in 2024, which was more than double that of the Balearics at 15.2%.
The trend is likely to continue this year, according to analysts.
