HOUSE prices in the Balearics continue to soar and they were the fourth highest in Spain in the last quarter of 2004, after Madrid, the Basque Country and Catalonia, according to figures released yesterday by the Spanish Property, Furniture and Commercial Buildings Statistics College.

The average price for one square metre in Spain was 1'525.79 euros in this period, which rises to 1'591.63 for a new house or flat or drops to 1'476.09 if it is a old house.

In the Balearic Islands, the average price per square metre registered as 1'937.51 euros for an old house and 1'883.99 euros for a new house.
This change whereby older buildings are dearer than new ones is a phenomenon which also occurs in Madrid.
In Madrid, the average price for a square metre is 2'566.67 euros for an older building, which decreases to 2'428.69 for a new building.
On the other end of the scale, the cheapest house prices can be found in Extremadura (713'44 euros per square metre), followed by Castilla-La Manch (839.23) and Galicia (928.98). According to the information, there was an increase of 15.61 percent in average Spanish house prices between 2004 compared to the same period in 2003.


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