Mallorca property: The vast difference in prices

Bendinat, where prices are more than six times higher than in Petra.

Andrew EdePalma31/07/2022 09:20

In Mallorca, there are huge differences in property prices depending on the municipality. In Bendinat, Calvia, the average price per square metre is 5,614.91 euros; in Petra it is 874.16 euros. This is the average price per square metre of properties sold between January 1, 2019 and June 25, 2022, according to data from the API college of real estate agents in the Balearics.

Calvia, Palma and Andratx are the three most expensive municipalities, the president of the API, Natalina Bueno, explaining that these are the places where there is the greatest concentration of foreign buyers. "They have high purchasing power, and so there are the highest average prices." And these prices are among the highest in the country, only surpassed by the likes of Ibiza, Formentera and certain areas of Barcelona, Madrid and San Sebastián.

Bueno says that house prices haven't reached the highs of 2008 but that they were heading that way by the end of the year before something a slowdown that started in May. She believes that an increase in sales after lockdown seems to have reached its peak. Inflation, rising interest rates and uncertainty are other factors that are slowing the pace.

Although there are large differences in price and there is also a major issue with accessing affordable housing, Bueno points that out mobility in order to find this housing occurs only to a limited extent. Other factors are taken into account, such as distance from the workplace, transport communications and schools. Petra is on the rail network, but the fact that its service is not as fast as to Inca from Palma makes it less attractive.