Palma.—The price of second hand housing in the Balearics has undergone a downturn of 2.7 percent in the third quarter of the year in comparison with the previous three months of the year.

In September, the cost of a square metre of constructed property stood at 4.4% above the Spanish average which last month was registered at 1'943 euros per square metre.

The results confirmed yesterday by property website revealed that the Balearics is the region of the country with the sixth highest prices in Spain in terms of second hand housing. The priciest region of the country is the Basque Country followed by Madrid, Catalonia, Cantabria and Navarre. In these regions prices per square metre of constructed property varied from 3'343 euros in the Basque Country to 2'107 euros in Navarre.

The Balearic Islands reached their historic maximum in terms of house pricing in April 2007 with a value of 2'762 euros per square metre. Since that time there has been an accumulated downturn in value of 26.6 percent.

The average cost of second hand homes in Ibiza town stood at 2'939 euros per square metre of constructed property last month, making it the most expensive town to live in in the Balearics.