Second-hand housing for sale in the Balearic Islands has risen by 19.5% over 2024, so that the average price has reached 4,597 euros per square meter. Two of the most expensive municipalities are on the island of Ibiza.
These are some of the data extracted from the report ‘Housing for sale in Spain in 2024’ of the real estate portal Fotocasa, which reflects that the Balearic Islands has experienced the second highest price increase (behind the Valencian Community, with 19.8%) and has the most expensive housing prices in Spain (ahead of the Community of Madrid, with a price of 4,278 euros/m2).
In addition, the Balearic Islands has six of the ten most expensive municipalities in Spain to buy a house, with Santa Eulària at the top with a price of 8,411 euros/m2, followed by Ibiza (6,986 euros/m2) and Zarautz (6,758 euros/m2). The other most expensive Balearic municipalities are Calvià, Sant Josep, Sant Antoni and Andratx.
Fotocasa also details that in 2024, all these municipalities experienced a price increase of between 40.2%, in the case of Santa Eulària, and 4.5%, of Andratx.
The average price in Spain is still 19% below the maximum price set before the outbreak of the financial crisis. The maximum price then was 2,952 euros/m2 and December 2024 has closed the year with a price of 2,389 euros/m2 and a year-on-year variation of 8.4%. On the other hand, the ten most expensive municipalities in Spain have closed 2024 reaching maximums at some point during the year.
“The price of housing has set a new high in the most stressed municipalities in Spain. Some of them, such as those belonging to the Balearic Islands, have an international tourist attraction and at the same time a limited availability of building land, due to their limited territory. This imbalance, added to their exclusivity, consolidates these locations in the top positions of the highest prices in the real estate market in Spain”, argued the Director of Studies and spokesperson for Fotocasa, María Matos.
For the full article, please visit Diario de Ibiza website here.