A report by the Fotocasa property website indicates that the average price of an 80 square metre home in the Balearics is more than 100% higher than it was in 2014. The current average is 307,811 euros; ten years ago it was 147,327 euros.
The increase is the highest in Spain. The Canary Islands come closest with a 78% increase, followed by Madrid (68%) and Andalusia (39%). The national average increase is 29%. In three regions - Extremadura, Castile and León and Asturias - the price has fallen by between one and five per cent.
In Palma specifically, there has been an increase from 146,576 euros to 301,364 euros.
Fotocasa makes the Balearics the second most expensive region. Madrid tops the list with an average price of 314,250 euros. At the other end of the scale is Extremadura with 96,015 euros.
Director of studies Maria Matos says: "In recent years, the increase in prices has been very significant as a result of the existing imbalance between supply and demand for real estate; and it gets greater all the time. On average, a home in Spain now costs 40,000 euros more than in 2014.
"There are regions where a home is worth 160,000 euros more than ten years ago, as is the case in the Balearics. Unfortunately, this price increase will be the market trend year after year, so long as supply doesn't increase."
No comments
To be able to write a comment, you have to be registered and logged in
Currently there are no comments.