In 2023, the Pitiusas islands experienced an unprecedented rise in average mortgage values, reaching €598,523, a staggering 58.3% increase from 2022’s €377,986, marking the highest figure ever recorded in the archipelago, according to the Balearic Institute of Statistics. This surge reflects a broader trend of escalating property prices across various types of properties, including homes, plots, warehouses, and commercial premises, driven in part by strong demand from foreign buyers, notably the Dutch and British. The average mortgage for commercial properties alone skyrocketed to €1,190,352, up by 304%. In contrast, the residential sector saw a decline in the number of mortgages issued, with 1,212 home mortgages at an average of €390,000, 15% higher than the previous year. This data underscores a significant gap between the local residents’ financial capabilities and the soaring property prices, fuelled by speculative investments and a high interest from international buyers, leading to affordability challenges for the majority of the local population.
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