Balearic Property Prices Hit All Time High

Get ready for a stat attack!
A couple of things to bear in mind before reading
• Spain’s Idealista website portal is similar to RightMove in the UK, ImmobilienScout24 in Germany and Funda in the Netherlands.
• Spanish property prices are quoted as ‘per square metre’ (PSM) – so if €4000 PSM is quoted then a house that measures 100m2 (1076ft2) will cost €400,000.
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The average property price in the Balearics is now €4905 PSM, the most expensive in the whole of Spain and nearly double that of Catalunya in 5th place. This is a 13.5% year-on-year increase according to Spanish portal Idealista in their latest real estate price index. The data also shows an increase of 2.4% in the last 3 months and 1.4% compared to April.

With regards to municipalities the Balearics hold the top 8 berths in the national pricing chart with Formentera top, coming in at a cool €8794 PSM, 5.9% more than a year ago, a quarterly and monthly increase of 3.5 and 5.9% respectively.  Sant Joan de Labritja is with €7898 PSM, 7.5% more than a year ago and 1% more than the previous month.

Andratx in Mallorca is 3rd nationally with Santa Eulalia del Rio in 4th at €7532 PSM which reflects an increase of 7.2% compared to the same period of 2024 and 1.7% compared to April. The quarterly increase is 3.3%. 5th on the national list is Sant Josep de sa Talaia with an average price of €7089 PSM and an annual increase has been 5.1%. Calvia which includes Magaluf in Mallorca is 6th while San Antonio comes in at 7th showing the largest yearly increase with 21.1%, standing at €6702 PSM a quarterly increase of 5.3%

Ibiza Town is 8th with €6625 PSM, 0.6% more than a year ago, which represents a quarterly increase of 1.4%.

The top 5 Spanish autonomous communities for property prices
1. Balearic Islands €4905 PSM,
2. Madrid €4,234
3. Basque Country €3179
4. Canary Islands €3,039
5. Catalunya €2560.

At the opposite end of the table are the regions of Castilla-La Mancha with average property prices of €961 PSM, Extremadura €982 and Castilla y León €1216 are the cheapest communities for property prices according to Idealista.

Nationally, the price of housing in Spain has risen by 12.8% year-on-year, standing at an average of €2391 PSM. This data represents an increase of 5.3% in the last three months, 1.7% compared to April and the highest property prices in Spain since idealista records began. 

All the autonomous communities show higher prices compared to the previous year with the exception of Extremadura, where the expectations of sellers fell by 1.3%. The Community of Madrid with 24.3% leads the increases, followed by the Canary Islands 18.2%, Murcia 18.1%, Valencian Community 17.5%, Andalucía 14.3% and Cantabria 13.2%

Below the national average are the increases of Asturias (10.9%), Euskadi (8.6%), Catalunya (6.5%), Aragon (2.8%), Galicia and Castilla-La Mancha (2.7% in both regions). The lowest increases occurred in Navarra (2.1%), La Rioja (2.1%) and Castilla y León (2.3%).

A total of 41 provinces have higher prices than those recorded in May last year. The largest increase has been experienced in the Community of Madrid where the expectations of sellers have grown by 24.3%, followed by Santa Cruz de Tenerife (19.4%), Murcia (18.1%), Alicante (15.8%), Valencia (15.8%) and Malaga (15.3%). A total of 9 provinces have experienced price decreases in used housing led by Ourense (-7.8%), Badajoz (-3.4%), Cuenca (-2.7%), Soria (-2.6%) and Teruel (-1.9%).

Ciudad Real is the cheapest place in Spain to buy a property with a price of €741 PSM. It is followed by Cuenca (€831) and Jaén (€833).

PRICES FOR SPAIN BY AUTONOMOUS COMMUNITIES/CITIES
Location – Price in €/PSM (May 25)
Spain 2,391 (average)
1. Balearics 4,905
2. Madrid 4,234
3. Basque Country 3,179
4. Canarias 3,039
5.,Catalunya 2,560
6. Andalucia 2,468
7. Ceuta 2,325
8. Valencia 2,207
9. Melilla 2,073
10. Cantabria 1,841
11. Navarra 1,753
12. Asturias 1,538
13.,Aragon 1,469
14. Murcia 1,458
15. Galicia 1,434
16. La Rioja 1,362
17. Castilla y Leon 1,216
18. Extremadura 982
19. Castilla La Mancha 961

PRICES FOR BALEARICS BY MUNICIPALITY
M=Mallorca/Me=Menorca/I=Ibiza/F=Formentera
Location – Price in €/PSM (May 25)
Balearics 4,905 (average)
1. Formentera (F) 8,794
2. Sant Joan de Labritja (I) 7,898
3. Andratx (M) 7,545
4. Santa Eulalia del Río (I) 7,532
5. Sant Josep de Sa Talaia (I) 7,089
6. Calvià (M) 6,790
7. Sant Antoni de Portmany (I) 6,702
8. Eivissa (I) 6,625
9. Cala d’Or (M) 5,587
10. Puigpunyent (M) 5,414
11. Santanyi (M) 5,332
12. Puerto de Pollença (M) 5,182
13. Soller (M) 5,001
14. Sa Ràpita (M) 4,971
15. Santa Maria del Cami (M) 4,827
16. Palma de Mallorca (M) 4,772
17. Colonia de Sant Jordi (M) 4,610
18. Colonia de Sant Pere (M) 4,532
19. Alcúdia (M) 4,493
20. Pollença (M) 4,337
21. Alaró (M) 4,185
22. Bunyola (M) 4,162
23. Es Mercadal (Me) 4,135
24. Porto Colom (M) 4,091
25. Llucmajor (M) 3,966
26. Capdepera (M) 3,952
27. Cala Ratjada (M) 3,879
28. Alaior (Me) 3,814
29. Ciutadella (Me) 3,740
30. Sa Coma (M) 3,698
31. Sencelles (M) 3,631
32. Marratxi (M) 3,491
33. Cala Millor (M) 3,407
34. Santa Margalida (M) 3,395
35. Algaida (M) 3,303
36. Mahon (Me) 3,187
37. Llubi (M) 3,153
38. Campanet (M) 3,143
39. Es Castell (Me) 3,033
40. Manacor (M) 3,018
41. Son Servera (M) 2,967
42. Sineu (M) 2,930
43. Montuiri (M) 2,852
44. Selva (M) 2,622
45. Lloseta (M) 2,478
46. Porreres (M) 2,416
47. Inca (M) 2,304
48. Muro (M) 2,124
49. Felanitx (M) 2,086
50. Sa Pobla (M) 1,848
51. Sant Joan (M) 1,583
NOTE: If a Balearic municipality is not quoted then no data is available

Martin Makepeace is MD/owner at Ibiza Property Shop