House prices fall in the Balearics and sales continue to drop

Still the highest average price in the country

Where there is new building, prices are beyond the reach of many | Photo: A. G.

Andrew EdePalma09/08/2024 07:14

The College of Notaries, one of the most reliable sources of property market data, indicates that house prices in the Balearics fell by 6.2% in May and by 5.9% in June.

This 12% fall in the space of two months does have to be balanced against sharp increases in previous months, e.g. 24% in February. Whether it represents a real trend is too early to say, but it coincides with the College reporting that sales in the Balearics were down 22.4% year-on-year in June, the largest fall in the country. There were 1,095 sales in June, of which 898 were apartments.

Sales have been dropping for some twelve months. Although interest rates are now moderating, the high price of property remains a deterrence.

The notaries give an average square metre price of 3,104 euros. This is down by 554 euros compared with April, but it is still the highest in Spain. Madrid ranks second with 3,037 euros, while the national average is 1,726 euros.

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Charles Dalrymple-Chumley | 11 months ago

Developers plan and build residential apartment buildings. When they begin they consider the price point that they are going to be asking. "Units from xxxxx Euros" If they want prices to start at say 750,000 Euros then of course the majority of locals will find the apartments unaffordable. So don't put the blame on the buyers. It's the developers who set the prices.

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