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Buying a home in the Balearic Islands today requires twice the average effort than five years ago

The average price for a housing of 90 meters square meters in the Balearic Islands has risen by 158,410 euros since 2019, which means that the price of a property in the Balearic Islands has risen by 158,410 euros since 2019 has gone from €285,407 five years ago to €443,817 by the end of 2024, an increase of 55.5%, according to the real estate portal pisos.com.

Meanwhile, the increase in Spain as a whole during the same period has been 60,000 euros, going from 163,631 euros five years ago to 223,122 euros, an increase of 36.36%.

“The evolution of sales prices reflects the structural tensions of the real estate market in Spain, where demand far exceeds supply,” explains Ferrán Font, the portal’s director of research.

The largest increases have affected Madrid, with 61% more, (from 255,257 euros to 411,064); Balearic Islands, 55.50% (from 285,407 euros to 443,817); Valencian Community, 55.25% (from 115,406 euros to 179,166); Murcia, 47.20% (from 92,089 euros to 135,553); and Canary Islands, 46.94% (from 147,029 euros to 216,038).

Vista parcial de la ciudad de Ibiza.
Partial view of the city of Ibiza / Vicent Marí

By provinces, the Balearic Islands (443,817 euros an average home) and Madrid (411,064 euros) top the list of the most expensive provinces, followed by Guipúzcoa (336,849 euros), Málaga (317,510 euros) and Barcelona (305,150 euros).

Average prices below 100,000 euros

In contrast, Ciudad Real (67,500 euros), Jaén (74,071 euros), Cuenca (75,960 euros), Teruel (82,530 euros) and Badajoz (82,714 euros), all provinces belonging to the so-called emptied Spain, have average prices below 100,000 euros.

Malaga has been the provincial capital that has suffered the most from the increase in prices since 2019, with an increase of almost 80% that has caused it to go from an average price of 204,253 euros in 2019 to 365,957 euros in 2024, more than 150,000 euros more.

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In absolute terms, Donostia-San Sebastián leads the ranking with an average price in 2024 of 607,668 euros, followed by Madrid (578,663 euros), Barcelona (483,581 euros), Palma de Mallorca (468,575 euros) and Málaga (365,957 euros).

“Despite the challenges, this growth also highlights the attractiveness of certain regions such as Madrid and the Balearic Islands, driven by their economic dynamism and tourist appeal,” concluded Ferrán Font.

For the full article, please visit Diario de Ibiza website here.

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