STAFF REPORTER
PALMA

ALTHOUGH the price of housing in the Balearics fell by 0.1 percent last month, it has risen by 2.4 percent over the past year, the second highest year-on-year rise in the country, property watchdog fotocasa.es reported yesterday.

It is the first positive year-on-year variance registered in the Islands since August 2007 and reinforces the emerging trend of a “slowing down” of falling house prices.

According to the latest research by fotocasa.es, the regions of Asturias and the Balearics were top of the tree in terms of year-on-year price increases since the summer of 2007, with 3.8 and 2.4 percent respectively.

The average price of housing in the Balearics last month was registered as 2'401 euros per square metre.
Data collected by fotocasa.es showed that the municipalities where the price of square metre of housing had gone up the most in May were: Manacor (0.8%); Calvia (0.8%); and Palma (0.2%). Those which had shown the greatest decline in house prices between April and May this year were: Marratxi (-4%); Inca (-1.1%) and Llucmajor (-0.7%).

Calvia continues to be the municipality with the highest average cost of housing (3'141 euros per square metre) whilst Manacor has the cheapest (1'629 euros).

The average cost of housing in Spain last month stood at 2'331 euros per square metre, a decline of 4 percent in comparison to the same month last year. Fotocasa.es nevertheless pointed out that it is the lowest national downturn in the last 28 months.

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