Formentera has by far the highest price of Balearic Islands in terms of square meter of housing according to the latest price index of the real estate portal Idealista. The square meter of homes for sale on the island has reached a whopping 9.375 euros this March 2023.
An amount that nevertheless, has precedents. The same Idealist report states that the historical maximum of price per square meter was reached on the Lesser Pitiusa in the month of december 2022, with 9,487 euros.
Nowadays, finding a home for to buy or rent all year round on the island of Formentera is an almost impossible mission. The marked seasonality causes that many accommodations are rented for tourism in summer, preventing workers who come to the island to opt for a reasonable rental property during the months of stay.
Àlex Julià, teacher in Formentera: “If I don’t find a house I will have to sleep in a hammock in ses Illetes to finish the course.”
As for the sale of homes, the stratospheric prices cast a similar hopelessness. The 9,375 euros per square meter of March 2023 represent a monthly variation in increase of 0.8% with respect to February and a variation, also in increase, with respect to 2022 of 17,2%.
This means that a person who would like to purchase a property in Formentera in the same month of 2022, needed 1,379 euros less (the price per square meter was 7,996 euros) than at present. Going back one more year, to March 2021, the figure drops to 7.€644.
Continuous growth in the last five years
Over the last five years, the price of housing on the island has experienced almost continuous growth. If you compare the price per square meter now with that of May 2018, there is a notable increase (today it is worth 2,152 euros more) although it is not as significant as the figure that appears almost a decade ago, when the square meter was worth a total of 4.414 eurosthat is, almost 5.000 euros less than what it is currently worth.
Although the rise in prices has been progressive, from August 2022 it experienced a sharp rise until the end of last year, when prices, to some extent, stabilized.
Data on the price per square meter in the last decade in Formentera Idealista
Ibiza, the most expensive municipalities
Sant Josep, Santa Eulària, Ibiza and Sant Antoni are, in that order, among the most expensive Spanish municipalities with more than 20,000 inhabitants. In the case of Sant Josep and Santa Eulària, they top the list occupying the first and second place, respectively. In both cases the square meter exceeds 6.000 euros.
Regarding Sant Antoni, with an average price of 5.330 euros per square meter, is the municipality with the highest increase in the list, which encompasses nationwide data, with a 34.3% year-on-year.
For the full article, please visit Diario de Ibiza website here.