THE average price of new housing in Palma stood at 1'576 euros per square metre last month, 13.1 percent more than in the same month last year.
However, according to figures of a half-yearly market study on new housing in regional capitals carried out by the Valuation Society, this increase is less than the average rise registered at a national level (13.8 percent), where the price stands at 2'051 per square metre.
During the last 6 months, the accelerating price of new housing in Palma has begun to brake slightly, with an increase of 6.7 percent (in comparison with the rise of 6.4 percent during the period from June to December in 2003), a growth higher than the average registered during this period in other regional capitals of the country (6.2 percent).
Palma finds itself in an intermediary position in the average price of new housing, with a final price lower than 13 other regional capitals which are headed up by Barcelona and Madrid (3'098 and 3'083 euros, respectively).
Palma also numbers amongst those regional capitals with the lowest rise in prices over the course of the last year, figuring more notably in this area than 20 other regional capitals.
In respect of other major centres in the Balearics, the most significant price increases over the past six months have come from Minorca. In Mahon, the average price of new housing, made itself felt by rising suddenly by 11.7 percent between December 2003 and 2004, to stand at 1'82 euros per square metre. This is the sixth highest rise in coastal area house pricing in Spain.
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