Property prices have gone through the roof in the Balearics. | Majorca Daily Bulletin reporter


The Balearics witnessed the sharpest rise in the price of second-hand housing over the past year, 14.3%, according to data from the real estate portal, which ranks Formentera as the most expensive municipality in Spain.

The average price of second-hand housing in the Balearics in December 2022 was 3,794 euros per square metre.
On a half-yearly basis, the Balearics led the increases with a rise of 9.7%.
On a monthly basis, it grew by 1.4%. On a quarterly basis, it rose by 5.23%, the highest increase at national level making the Balearics the most expensive autonomous region in the country, ahead of Madrid (3,331 €/m2).

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Palma registered a monthly rise of 3%, the highest in the country. Year-on-year, prices rose by 15.83%, the third highest increase in Spain. With 3,934 euros per square metre in December 2022, Palma was the fourth most expensive provincial capital.

Regarding Balearic municipalities, Binissalem (9.27%) was the third Spanish municipality with the highest quarterly increase, while Muro (-7.16%) fell the most in the Balearics.
Year-on-year, Sant Llorenç des Cardassar (31.4%) is the second highest riser in Spain, while Son Servera (-7.24%) was the municipality that adjusted the most in the region.

Sa Pobla (1,570 €/m2) was the most affordable municipality in the autonomous region in December 2022, while Formentera (9,993 €/m2) topped the list of the most expensive municipalities in Spain.