Can Puig in Palma, which was converted into luxury accommodation. | MDB

According to the third-quarter valuation of property prices by the website Precioviviendas, Palma is one of the cities in Spain where there has been the greatest increase in price.

Rising demand and comparative scarcity of supply have pushed Palma into third place. This is based on the number of properties valued at one million euros or more. Madrid and Barcelona occupy positions one and two.

In the whole of Spain, there are apparently 39,000 apartments valued at a million or more. Most of them are either in Madrid or Barcelona: over 20,000 in the Spanish capital and around 15,000 in the capital of Catalonia. The remainder are spread across twenty-four cities. Palma has 1,243.

These apartments in Palma are in districts as diverse as El Terreno, Genova, Portopi, Santa Catalina and El Molinar. The most expensive is on the calle Murillo in Santa Catalina. It is valued at over 3.7 million euros.

The website also notes that home property prices in the Balearics as a whole are continuing to rise. The average price per square metre in the third quarter was 2,392 euros.