Prices has gone sky high on the island of Formentera. | Majorca Daily Bulletin reporter


Used housing in March 2024 registered an average price of 4,268 euros per square metre in the Balearics, an increase of 3.06% compared to December 2023.

According to the report, year-on-year the price grew by 6.78%, while, on a monthly basis, the Balearics was the fourth highest in terms of price increase, registering a rise of 1.61%.
The Balearics was the most expensive autonomous region in Spain, ahead of Madrid (4,020 €/m2), among others. As for second-hand housing in Spain, in March 2024 it registered an average price of 2,231 euros per square metre, showing a quarterly increase of 3.30%. Year-on-year, the rise was 10.66%, and the monthly increase was 1.62%.

Palma recorded a quarterly increase of 1.41% and, from one year to another, the capital (3.90%) shows a "contained rebound". With 4,241 euros per square metre in March 2024, it was the fourth most expensive provincial capital.

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In terms of Balearic municipalities, Alaior (9.17%) was the eleventh fastest-growing region in Spain in the first quarter, while Bunyola (-8.54%) was the country's third fastest-growing.

In year-on-year variation, Alaior (40.96%) was the fourth fastest-growing municipality in Spain, while Capdepera (-1.37%) was the one that fell the most at a regional level.

At 10,296 euros per square metre, Formentera was the most expensive town in Spain in March 2024. Sa Pobla (1,714 €/m2) was the most affordable in the autonomous region.