The Fotocasa report
Opposite the Apartments.com report is that of Fotocasa which analyzes the increase in the price of second-hand housing in one year. According to this report, the price increased by 17.9% compared to the same month of 2023, reaching a price of 4,485 euros per square meter (m2).
This is the portal’s real estate index data, which indicates that the increase of 17.9% is the highest in the last year. Furthermore, during the eighth month of the year, the price in the Islands increased by 1.3% compared to the previous month.
Likewise, the Balearic Islands are the autonomous community where the price of second-hand housing is the highest in Spain. In this sense, the price recorded in the Balearic archipelago is 89.8% higher than the national average, of 2,363 euros/m2.
Thus, the Balearic Islands went from an interannual variation of 18.3% in October 2023 to 17.9% in the same month of this year. Over the last 12 months analyzed, the price of housing increased by 680 euros/m2, from 3,805 euros/m2 in October 2023 to 4,485 euros/m2 in October 2024.
Municipalities of the Balearic Islands with the most expensive accommodation
The average price of old housing is increasing in the 16 municipalities with an interannual variation analyzed by Fotocasa. Concretely, in five of them, the price increases by more than 20% compared to the same month of 2023. Santa Eulària des Riu (38.8%), Santanyí (27.8%), Ciutadella (25.5%), Campos (21.2%) and Llucmajor (20.2%).
Regarding the price per square meter in October, Santa Eulària des Riu tops the ranking with 8,304 euros/m2, followed by Ibiza (7,065 euros/m2), Calvià (6,231 euros/m2), Sant Josep de sa Talaia (6,011 euros/m2). ). m2), Campos (5,399 euros/m2), Santanyí (5,202 euros/m2), Ses Salines (4,759 euros/m2), Palma (4,487 euros/m2), Pollença (4,220 euros/m2) and Alcúdia (4,131 euros). /m2 ). On the other hand, the cheapest municipality is Inca with 1,872 euros/m2.
According to the director of studies and spokesperson for Fotocasa, María Matos, “the residential market maintains an upward trend in prices, marking two years since the first adjustment of monetary policy and the increase in rates”.
“Currently, the rise in prices responds above all to the strong imbalance between supply and demand: purchasing demand, very active and reinforced by attractive mortgage conditions, continues to put pressure on a limited supply, which further pressure on prices. This dynamic should continue in the coming months, driven by a need for housing which far exceeds the availability of goods on the market,” he underlines.
By autonomous community, 17 recorded year-on-year price increases in October. Increases of more than 10% in the prices of homes for sale compared to those of a year ago affect the Valencian Community (20.5%), Madrid (19.7%), the Balearic Islands (17.9%). %), the region of Murcia (15.8%). ), Andalusia (15.2%), Canary Islands (13.9%), Cantabria (10.9%) and Galicia (10.5%).
