Baleares leads the Spanish real estate market

Baleares leads the Spanish real estate market

Baleares leads the Spanish real estate market in terms of the price of used homes, reaching an average of €4,836 per square meter, which represents a remarkable annual increase of 13.7%.

This figure places Baleares at the top of the most expensive autonomous communities in Spain for purchasing a second-hand property. The price of used homes in the Balearic Islands experienced one of the most significant increases nationwide in April this year, reflecting the rising demand and limited supply on the islands.

Locally, the city of Palma has seen one of the largest price increases among Spanish capitals. With an 18.7% increase in the past year, Palma ranks among the cities with the highest price growth, although it still lags behind Madrid, Valencia, and Málaga, which have higher growth rates. This growth reflects a booming real estate market driven by strong demand from both locals and international buyers looking to invest in the island.

In addition to the high demand in Palma, Baleares also remains the most expensive province in Spain for buying used properties. At €4,836 per square meter, the region surpasses other provinces such as the Community of Madrid, where the average price stands at €4,148 per square meter, and Gipuzkoa, where the price is €3,781 per square meter. These figures highlight how Baleares has consolidated its position as the country’s most expensive real estate market, especially for second-hand homes.
Compared to the rest of Spain, the national average price for used homes reached €2,350 per square meter in April, representing a 12% increase from the same month in the previous year. This figure not only reflects widespread growth across the market, but it also marks a new historical record. This record-high price suggests that the second-hand housing market continues to experience sustained demand, despite economic uncertainties affecting other sectors.

While the price of used homes continues to rise in many parts of the country, the Balearic Islands stand out as the clearest example of how prices can rise significantly in certain areas of the real estate market, particularly in locations with high national and international interest. As a result, buyers and potential investors on the Balearic Islands are faced with increasingly higher prices, which makes it more difficult for those seeking to purchase a home in these privileged areas.