Property prices have gone through the roof in the Balearics. | Majorca Daily Bulletin reporter

The price of luxury flats, those worth more than one million euros, fell in Palma by 0.3% last year, although the Balearic capital remained at the top of the list of the most expensive cities with 7,983 euros per square metre, according to a study by the real estate portal Idealista.

In Spain as a whole, the price of luxury flats rose by 4.8 % at the end of 2022 to an average of 7,135 euros/m2, while in the case of “high standing” villas the increase was 6 % to 4,436 euros/m2, according to a study.

Behind Palma, the most expensive luxury flats were in San Sebastián (7,975 euros/m2), although in this case the market cost was cut by 2.5 %.

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The next highest prices for the most exclusive flats were in Barcelona (7,356 euros/m2), where they rose by 0.3 %, in Madrid (7,200 euros/m2), up 3.8 %, and in Malaga (6,748 euros/m2), where they shot up by 7 %.

In terms of luxury villas, three markets stood out: the Balearics, Malaga and Alicante, linked to sun and beach tourism and the ownership of primary or secondary homes near the coast.

The Balearics also led the way for the highest prices in luxury detached homes with 5,993 euros/m2, followed by Malaga (4,892 euros/m2); Santa Cruz de Tenerife (4,436 euros/m2); Gerona (4,152 euros/m2) or Guipúzcoa (4,008 euros/m2).

However, the biggest increases in the price of luxury villas at the end of last year were in Murcia (21.3 %); Malaga and Guipúzcoa (11.3 %, respectively) and Cantabria (10.2 %).