DURING the second quarter of this year, the average price of housing in the Balearics stood at 1'720.85 euros per square metre, the fourth highest in Spain.

Islanders, however, are those who have to dedicate a greater part of their income, 51.71 percent, to pay for a roof over their head.
In the Balearics, housing that has already had at least one owner is more expensive than new property, reflected in the average figures of 1'839.64 euros per square metre for the former, and 1'670.93 euros for the latter. An official property registration body is Spain yesterday announced the results of a study it had conducted in conjunction with the University of Zaragoza. It declared that this situation, vis-à-vis new and second-owner homes, was not typical of property price trends in the rest of Spain, with the exception (apart from the Balearics) of Navarra.

The average price of housing across Spain in the second quarter of the year stood at 1'482 per square metre; new homes registered at 1'581 euros but prices fell to an average of 1'406 euros for second-owner homes.

Analysed by region, the highest prices were registered in Madrid (2'503.36 euros per square metre); the Basque Country (2'323.24) and Catalonia (2'027.62) while the cheapest were available in Extremadura (611.28), Castilla-La-Mancha (812.08) and Galicia (896.73).

The average mortgage a householder secured is 111'351.39 euros, which requires an average monthly repayment figure of 634.97 euros. This can be translated as 41.67 percent of monthly earnings.

The highest commitments to mortgage repayments can be seen in the Balearics with 51.71 percent and in Madrid with 49.57 percent.


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