Some of the highest prices in the country in Mallorca. | Teresa Ayuga

Figures from the Balearic Statistics Institute indicate that the average price for buying a home has gone up by more than four times since 1995. In the second quarter of 2022, the average price per square metre was 2,630.60 euros. In the same quarter of 1995, it was 591.60 euros.

The 1,000 euro mark was reached in the fourth quarter of 1999 - an average of 1,026.40 euros. By the third quarter of 2005, the average was 2,003.60 euros. Financial crisis and the bursting of the real-estate bubble saw a fall to 1,965.80 euros by the third quarter of 2011.

It was the fourth quarter of 2015 before the average went back up above 2,000 euros - 2,014.50. Since then, prices have risen consistently.

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While the European Central Bank estimates that house prices in the eurozone will fall by nine per cent over the next two years, the president of Proinba developers in the Balearics, Luis Martín, says that "the price of housing will not fall in the Balearics". "There is much more demand than supply. There may be a certain cooling of the market and a stabilisation of prices, but a drop is not being forecast."