Balearic property prices burst 2007 bubble

Not enough supply to meet demand making market very tough

Balearic property prices are at near record highs.

Balearic property prices are at near record highs | Photo: Majorca Daily Bulletin reporter

Humphrey CarterPalma13/09/2022 14:53
TW
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The Balearics is the first community to reach the highest property sale and rental prices since trhe 2007 property bubble, the Director of Studies and spokesperson for Fotocasa, María Martos, said in Palma today.

Martos warned of the “very outdated” situation in the region, especially in the rental market.
“There have never been such high prices on the islands,” said the spokeswoman for Fotocasa, who has warned of the sharp rise in the price of housing sales in the Balearics, especially in the last five months, a period in which there has been strong demand and little supply.

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The Balearics closed August with the highest sales price, 184€/m², and the highest rental price, 13.93€/m², according to data from the latest Fotocasa report.

This is the first time that both markets on the islands have peaked at the same time, which makes it even more difficult to find housing solutions in the community Martos pointed out.

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