A development in Minorca. | Josep Bagur Gomila

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According to a property valuation report published on Monday, the average price of new homes in the Balearics increased 4.1% in 2021. This was the highest increase at a regional level and above the national average of 3%. After the Balearics were Madrid and Catalonia on 3%.

Based on valuation of more than 33,000 properties from almost 2,000 developments, the average price at a national level was 2,551 euros per square metre.

As well as a 3% increase for the whole of 2021, the average price in the second half - at national level - was up by 2.8%.

For the second half of 2021, the highest price increases were in the Balearics (3.4%), Madrid (3.3%) and Catalonia (2.8%).

In December, the capital with the highest price per square metre was Barcelona (4,630 euros), followed by Madrid (3,802) and San Sebastián (3,757). The lowest was in Cáceres, Extremadura (1,222 euros).