What can you buy with 50,000 euros? For that amount, on the island of Mallorca it is possible to buy a 50 square metre flat in neighbourhoods such as Son Gotleu or Camp Redó. In Ibiza, it is enough for a large and comfortable parking space in the area of the Botafoc seafront promenade with the right to a 10 square metre storage room. This is the conclusion of the statistical data collected by the real estate portal Idealista.com, which indicates that all 6 municipalities of Ibiza and Formentera are among the eight most expensive housing ares in the Balearic Islands. First position on the podium for housing at prohibitive prices in the Pitiusas is an honour also shared with the municipalities of Andratx and Deià.
Evolution of the price of housing
Thus, according to this register, Formentera is the most expensive per square metre (7,491 €), followed by Sant Joan (6,312 €). Santa Eulària, Vila and Sant Josep are at very similar prices, ranging between 4,800€ and 4,900€ per square metre, while Sant Antoni is the municipality with the cheapest housing, with a square metre at ‘only’ 3,800€. Prices that are light years away from those of cities like Palma (3,056 €), Ciutadella (2,274 €), Maó (2,042 €) or Manacor (1,563 €). The average on the island of Ibiza is 4,830€ per square meter, while on the Balearic Islands as a whole the average sits at 3,169€, which means that the largest pitiusa is 55% more expensive.
The drama of looking for a flat
Those who suffer these rates are those who are looking for a home. On the two most popular real estate portals – Idealista.com and Pisos.com – the cheapest price range in Ibiza is 90,000€, which for that price you can buy 20-30m2 studios, an option not too suitable for claustrophobes. For the same amount, it is possible to buy a three-bedroom, 101m2 flat in the centre of Manacor, or 60m2 in Ciutadella, as well as incredible luxuries such as natural light and even a kitchen.
“For less than 100,000 euros is impossible to find anything reliable in Ibiza” , admits Jeffrey Fernandez, he Pitiüses delegate of the Association of Real Estate Agents. “It is likely that if the property is so cheap, it is because it has something out of order, infringements reported or it lacks a habitability certificate.
Fernández considers that the prices marked by the real estate statistics are inflated by 10%, but recognises that the disparity in prices between islands is a reality: “The demand for flats that we have in Ibiza is not the same as in Inca or Sa Pobla, hence the difference in prices”.
For the full article, please visit Diario de Ibiza website here.