The Balearic Islands are reaffirming their position as the most expensive territory in the country to buy a home.

PalmThe Balearic Islands have reaffirmed their position as the most expensive area to purchase a second-hand home, surpassing €5,000/m² on average, following a 12.3% annual increase in August, with as many as 25 municipalities reaching record prices for existing homes.

This is data from the real estate website Idealista, which highlights the Ibizan municipality of San Juan de Labritja, the most expensive among the towns that recorded record prices last August at €8,959/m²; followed by its neighbors San José de Sa Atalaya (€7,367/m²) and San Antonio de Portmany (€6,927/m²).

Calvià (€6,925/m²) is the only municipality on the island of Mallorca in the top 5 of towns with record prices with the highest values, as Ibiza capital completes this ranking, with €6,879/m².

Of these, Sant Antoni de Portmany (19.6%) experienced the largest annual increase, ahead of Sant Joan de Labritja (13%) and the rest of the municipalities that grew below 10%, such as Calvià (8.7%), Sant Josep de sa Atalaya (6.4%) and Ibiza.

Outside the top five positions, the increase experienced in Colonia de Sant Pere, in Mallorca, stands out, with a growth of 37.5%, followed by Felanitx, which rose 30.2%, Inca (26.4%) and Muro (23.1%). Palma also experienced a notable increase of 17.2%, which brought existing home prices back to record highs, with €5,006/m² in the largest city in the Balearic Islands. Forty-three regions closed August with prices higher than those recorded in August of last year. The largest increase was seen in Madrid, where sellers' expectations grew by 23.3%.