Buying one home in the Balearic Islands is equivalent to buying six in Extremadura.

PalmHousing prices in the Balearic Islands remain the highest in Spain. According to the latest data published by the General Council of Notaries, the average cost per square meter in the archipelago reached €4,097 in October, a figure that would allow the purchase of more than six homes in Extremadura, where the average price is only €627/m².

25 years of speculation that have made it impossible to own a home in the Balearic Islands

Despite leading the national ranking, price growth in the Balearic Islands has moderated, with a year-on-year increase of 3.8%, below the national average of 6.7%. Regions such as Cantabria (20.4%), Navarre (17.2%), and Asturias (16.4%) registered larger increases. During October, 1,370 sales transactions were formalized in the Balearic Islands, 7.6% fewer than in the same period of the previous year. Of these, 1,097 corresponded to apartments and 273 to single-family homes, according to the Notary Association. Despite the decrease in transactions, the Islands remain well above the rest of the country in terms of price. Behind the Balearic Islands are the Community of Madrid (€3,549/m²), the Basque Country (€3,027/m²), Catalonia (€2,278/m²), and the Canary Islands (€2,055/m²). However, the price of one home in the Balearic Islands could buy five in Castile and León or four in Castile-La Mancha. Regarding the breakdown by property type, apartments in the Balearic Islands reached €3,981/m², a year-on-year increase of 6.7%, while single-family homes averaged €4,451/m², a decrease of 2.7%. Homes sold in October had an average size of 123 square meters, 2.6% larger than a year ago. Apartments averaged 97 square meters, while single-family homes reached 220 square meters. Meanwhile, mortgage loans for home purchases in the Balearic Islands increased by 20.2%, reaching 666 transactions, well above the national average. The average loan amount was €330,191, 25.6% higher than a year ago. In the business sector, the Notary Association also highlights an increase in the formation of new companies, with 482 created in October, 22.8% more than in 2014, although the average capital decreased slightly to €15,402.