New figures from the College of Registrars indicate that the price of housing in the Balearics was at an all-time high in 2024 and was the highest in Spain.
At an average price of 3,575 euros per square metre, the Balearics were 70% more expensive than the national average. A typical 100-square-metre apartment cost 357,000 euros, whereas the Spanish average was 208,600 euros. Prices in the least expensive regions were around a quarter or less than the Balearics - Extremadura 81,700, Castile-La Mancha 90,800.
Prices in the Balearics rose 9.4% in 2024. This was higher than anywhere else in the country and contributed to a 35% increase since the pandemic. As for mortgages, the College reports that new mortgage holders in 2024 were paying a minimum of 1,259 euros per month, more than 500 euros higher than the national average of 738.
The College's report warns that prices will continue to rise. Population increase will be especially significant in the Balearics and will put additional pressure on housing demand. The registrars say that foreign immigration is having a "more intense" impact on the property market and that levels of population growth "are not matched by the increase in new-build housing, which is generating tension in the market". The rental market, which should address housing demand, has "significant inefficiencies" and is in turn adding to "tension" in the overall property market.
The report points to a slight recovery in terms of property sales but well below certain other parts of Spain. There were 11.2 sales per 100,000 inhabitants in the Balearics last year. By contrast, and as an example, there were 25.8 in the Alicante province.
The Balearics continue to be the region with the highest percentage of purchases by foreigners - 32.6% of all sales. This rises to 36% for homes priced over €500,000. Four out of ten foreign purchases were by Germans, ten per cent were by Britons.