The price of second hand homes in the Balearics fell by 3.1% in the first three months of 2012 to settle at 2'135 euros per square metre, house price watchdog Fotocasa.es reported yesterday.

However, the watchdog said that the lower average price is still 3.7% above the national average of 2'059 euros per square metre, positioning the Balearics as the sixth most expensive region in the country. Areas which are still dearer than the Balearics are Madrid, the Basque Country, Catalonia, Cantabria and Navarre. Since house prices peaked in 2007, Balearic prices have slumped accumulatively by 22.7 percent, claimed Fotocasa.es.

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