Balearics: used homes cost €5,100 per square metre
Second-hand homes in the Balearic Islands averaged €5,100 per square metre in August, the highest figure in Spain in Hogaria.net’s provincial survey. The property portal said the average price across Spain rose 7.7% from August last year and edged up 0.1% on July. The market remains costly even as sales weaken and buying a home becomes harder.
Fewer provinces see prices rise
Prices increased in 34 provinces in August, down from 46 in July. Hogaria.net says the slower rise is a sign to watch, but not enough to show that prices have begun falling.
The portal says the apparent contradiction comes from too few homes being available in the areas with the strongest demand. A smaller pool of buyers does not automatically bring an immediate price drop when properties are scarce.
Balearics remain Spain’s costliest
Madrid followed the Balearic Islands at €4,249 per square metre, with Guipúzcoa at €4,211. Málaga stood at €4,086 and Barcelona at €3,790.
Hogaria.net also expects the cost of finance to matter more in the coming months. Rising interest rates increase mortgage costs and may lead buyers to put off a purchase.
Source: Europa Press / Mallorca.com