Housing prices in general continue to soar in the islands both new and second-hand housing prices continue to soar. In the latest report of the real estate portal Fotocasa the indicators continue to rise and skyrocket.
So much so, that a municipality of Ibiza sets the historical record for the price of second hand in Spain and up to four municipalities of the island are in the top ten of the country.
That municipality is Santa Eulàriawhere to buy a used home at the moment you have to pay an average of 8,411 euros per square meter, a figure that leaves far behind the rest of the municipalities of the islands and Spain.
In December 2024 five cities exceed 6,000 euros per square meterwhile in 2022 none had done so. Santa Eulària des Riu is the most expensive municipality with 8,411 euros/m², followed by Ibiza city with 6,986 euros/m², Zarautz with 6,758 euros/m², Donostia – San Sebastián with 6,696 euros/m², Calvià with 6.640 euros/m², Sant Josep de sa Talaia with 5,953 euros/m², Sant Antoni de Portmany with 5,837 euros/m², Andratx with 5,746 euros/m², Sant Just Desvern with 5,740 euros/m² and La Moraleja with 5,600 euros/m².
Four in the top ten
That is to say, up to four Ibizan municipalities are in the ‘top ten’ of the most expensive housing in Spain, rubbing shoulders and surpassing historical names in this ranking such as Donostia, Sant Just Desvern and the exclusive Madrid enclave of La Moraleja, home of great businessmen, artists from the world of show business and football aces.
In any case, the most outstanding inter-annual increase takes place in the Mallorcan Felanitx with 45.6%, followed by Santa Eulària des Riu (40.2%), Pollença (38.7%), Sant Antoni de Portmany (28.5%), Ciutadella de Menorca (21.0%), Calvià (20.2%) and Maó (20.1%), with increases of over 20%.
At the other extreme, Bembibre (León) is the cheapest municipality to buy a second-hand home. Specifically it costs 569 euros/m², followed by Moriles 600 euros/m², Azuaga with 601 euros/m², Castuera with 628 euros/m², Argamasilla de Alba with 635 euros/m², Torreperogil with 648 euros/m², Montefrío with 667 euros/m², Tobarra with 667 euros/m², Consuegra with 678 euros/m², Miajadas with 682 euros/m², Mancha Real with 686 euros/m², Alhama de Almería with 686 euros/m², Jamilena with 690 euros/m², Socuéllamos with 694 euros/m², Peñarroya-Pueblonuevo with 694 euros/m² and Calasparra with 698 euros/m².
Well, in some towns you can buy a house for what in Santa Eulària you pay for the living room or the terrace.
In general, the price of second-hand housing in Spain closes 2024 with an annual increase of 8.4% and places the December price at 2,389 €/m2, according to data from the report by ‘ Second-hand housing in 2024′ based on the Fotocasa Real Estate Index. Thus, the annual increase of this 2024 (8.4%) is the highest recorded in the Fotocasa Real Estate Index in its 19 years of analysis.
At the close of 2024, Comunitat Valenciana is the region with the highest increase (19.8%), followed by the Balearic Islands (19.5%), Madrid (13.6%)region of Murcia (13.6%), Canary Islands (13.0%), Andalusia (12.1%), Galicia (10.0%), Asturias (8.9%), Cantabria (8.0%), Basque Country (6.3%), Extremadura (3.9%), Castilla y León (3.8%), Navarra (2.8%), Castilla-La Mancha (2.7%) and Catalonia (2.3%).
Thus, The Balearic Islands, which has exceeded 4,000 euros/m² since April 2024, is at the top of the ranking of the most expensive with 4,597 euros/m². It is followed by Madrid, which with an average price in December of 4,278 euros/sqm, has surpassed the 4,000 euros/sqm barrier in March. It is followed by the Basque Country with 3,284 euros/m² and Catalonia with 2,824 euros/m².
“The price of housing for sale is consolidating an upward trend marked by historic rises, reflecting a context of high tension between limited supply and growing demand. Structural factors, such as the population attraction capacity and the tourist attraction in regions such as the Balearic Islands, Canary Islands and Madrid have caused them to reach record highs this year, which is evidence of a warming of the market, despite the fact that national prices are still below the levels of the 2007 bubble. The fall in interest rates has acted as an additional driver for demand, facilitating access to more affordable mortgages. In this context, the market remains robust, but requires measures to promote a balance between supply and demand to ensure its sustainability in the medium and long term.” comments María Matos, Director of Research and spokesperson of Fotocasa.
For the full article, please visit Diario de Ibiza website here.