Ibiza is the municipality with the second most expensive housing in Spain

The price of housing in the Balearic Islands stood at 3,779 euros per square metre in the third quarter, according to the index of the real estate portal Fotocasa, which indicates that this value is 17.5% more expensive than a year earlier despite falling by 0.7% compared to the previous quarter.

The Balearic Islands is thus positioned as the most expensive region ahead of Madrid (3,524 euros/m2) and the Basque Country (3,021 euros/m2), prices that contrast with those of the Region of Murcia (1,277 euros/m2), Extremadura (1,200 euros/m2) and Castilla-La Mancha (1,176 euros/m2). In terms of price per municipality, there are only two that exceed 6,000 euros, Donosti with 6,073 euros/m2 and Ibiza, with up to 6,021 euros/m2.

Of the Balearic municipalities analyzed by this portal, Ibiza is the most expensive, followed by Andratx at 5,974 euros/m2 and Santa Eulària des Riu with 5.848 euros/m2. In the Balearic capital the price reaches 4,097 euros/m2. The cheapest are Sa Pobla with 1,985 euros/m2, Inca with 1,866 euros/m2 and Ferreries with 1,762 euros/m2.

The report also indicates that, despite the current price, Santa Eulària has seen a -9.6% drop in prices per square meter of housing compared to the previous quarter, followed by Felanitx with -5.9% and Inca with -4.9%. In Palma the quarterly drop was 0.3%. Sa Pobla rose with 9.9% and Ciutadella de Menorca with 8.4%.

The director of studies of Fotocasa, María Matos, has pointed out that “the year-on-year increase continues to indicate a high increase in housing prices at the national level and still shows worrying figures, in double digits, in the Canary Islands, the Balearic Islands and the Valencian Community”.

“The shortage of housing stock is the greatest problem that generates price tension and we still have a large production deficit in new housing,” he pointed out.

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