According to current market analyses, the Balearic Islands will be among the regions in Spain with the highest price increases in the property market in 2024. Prices for existing properties on the islands recorded the largest increase in the entire country. The average price per square metre here is also the highest in Spain and has exceeded the level of the 2008 property bubble for the first time.
Compared to the previous year, prices per square metre in the Balearic Islands rose by around 19.5 per cent. This marks the sharpest increase within a comparable period in the last two decades. The price increase was particularly noticeable in some municipalities, with Felanitx leading the way with an increase of around 45 per cent, followed by Santa Eulària des Riu and Pollença.
The average price per square metre on the Balearic Islands is now around 4,600 euros. This puts the region well ahead of other areas in Spain, such as Madrid and the Basque Country. In several municipalities on the islands, the price per square metre now exceeds the 4,000-euro mark, with Santa Eulària des Riu, Ibiza Town and Calvià among the most expensive locations.
Market experts attribute the price development to a limited supply in combination with increased demand. Factors such as population growth, the region’s attractiveness for tourists and favourable financing options have further strengthened this development. For a sustainable market stability, measures are needed to balance supply and demand.