Palma property prices have gone through the roof. | Majorca Daily Bulletin reporter

Palma is among the most expensive municipalities in Spain to buy a property, with three neighbourhoods where real estate exceeds 6,000 euros per square metre, according to data provided by Fotocasa.

In detail, within the ‘top 20’ most expensive neighbourhoods are Sant Nicolau, La Lonja-Borne (6,820 euros per square metre), and Son Espanyolet (6,729 euros per square metre).

According to the real estate portal’s figures, in April, Palma also registered the highest year-on-year variation (24.7 percent) of the provincial capitals and was one of the most expensive (3,942 euros per square metre), behind Donostia-San Sebastián (5,712 euros per square metre), Barcelona Capital (4,424 euros per square metre) and Madrid Capital (4,295 euros per square metre).

Related news

According to Fotocasa, the most expensive neighbourhoods in Spain are four times the price of land of the national average, which stands at 2,113 euros per square metre, where Madrid and Barcelona are once again the most expensive cities in the country to buy a home.

The Director of Studies at Fotocasa, María Matos, said that the price of housing has risen at a “very fast” rate in the last year, due to the acceleration of the demand for purchase, which has caused the most local markets to present “very significant and double-digit” increases, very similar to the spike suffered in prices in 2006, prior to the housing bubble.

The rise in some Spanish neighbourhoods is in some municipalities more than 30 percent year-on-year and is mainly concentrated in municipalities with a mild climate and sea, such as Almeria, Malaga and Palma.