Mallorca resale homes: Palma hits €5,513/m²

Palma, Mallorca: buyers face an average of 5,513 euros per square metre for a second-hand home, even as prices dip 0.3% in the latest quarter. Property platform Idealista reports on 2 October that Palma prices are still 3.6% higher than a year ago. Across the Balearic Islands, the average is 5,593 euros per square metre, up 4.1% over the year and 0.7% in the latest quarter.

Sharp rises and wide price gaps

Lloseta, Mallorca, has seen the steepest annual rise in the Balearics, at 40.6%. Prices in Campanet, Mallorca, are up 29.8%. Puigpunyent, Mallorca, has gone the other way, with a 13.3% fall.

The gap between towns is striking. Formentera, in the Balearic Islands, has the highest average at 9,231 euros per square metre, followed by Andratx, Mallorca, at 8,641 euros. In Petra, Mallorca, the figure is 2,481 euros; in Muro, Mallorca, it is 2,736 euros.

Why price rises may slow

Idealista spokesman Francisco Iñareta says high prices have pushed some buyers out of the busiest markets. Sales have fallen, he says, and price rises are easing. He expects prices could stabilise in the medium term, with falls possible in some provincial capitals.

Topics: Housing · Politics · Economy · Lloseta · Campanet · Sant Joan · Puigpunyent · Palma · Andratx · Petra · Muro · Porreres

Source: Europa Press / Mallorca.com