Mallorca resale homes: Palma hits €4,549/m²
In Palma, on the Spanish island of Mallorca, resale homes cost €4,549 per square metre: prices rose 1.4% in the third quarter. Across the Balearic Islands, the figure is €5,177 per square metre, making them Spain’s most expensive province for a second-hand home. Property portal Hogaria.net reported the figures on Friday, 6 November.
Palma trails only Madrid and Barcelona
Only two Spanish cities have higher prices than Palma. Madrid stands at €5,246 per square metre and Barcelona at €4,971. Across Spain, the average home price reached €2,185 per square metre at the end of the third quarter, up 7.4% from a year earlier.
The gap between provinces is wider still. Madrid province follows the Balearics at €4,277 per square metre, while Ciudad Real is Spain’s cheapest at €1,197.
Slower rises may not ease the cost
Hogaria.net links the differences to jobs, tourism, demand and the number of homes available. It says wages and local work opportunities also shape whether people can afford to buy.
The portal says price rises are losing pace, but homes are still getting dearer. In many high-demand markets, too few homes are available, so slower increases do not necessarily make buying more affordable.
Source: Europa Press / Mallorca.com