Buying a home in the Balearics now costs an average of €160,000 more than 10 years ago
The Balearic Islands is the region in Spain where the average price of housing has increased the most between 2014 and 2024 with an accumulated rise of 109% over those 10 years, followed by the Canary Islands (78%), and significantly exceeding the overall increase recorded in Spain, which stands at just 29%.
According to a report published yesterday (Monday) by the real estate portal Fotocasa, the cost of an 80m2 home in the Balearic Islands rose by €160,474, from €147,327 to €307,801 according to a study named "Accumulated Variation of Housing Prices in Spain in 2024," was conducted to analyse the evolution of prices in the property sector.
In the Canary Islands they rose by €127,078, from €187,172 to €314,250 and in Madrid by 68%, whereas in Spain as a whole, the price of a home of similar dimensions increased from €138,095 to €178,735, an increase less than a quarter of that in the Balearic Islands of €40,641.
According to Fotocasa, its report, which reviews how prices in the sector have changed in the country over a total period of 15 years but also stops to analyse how they have changed in relation to five and ten years ago, reveals that not all price increments have been equal in the islands over those periods.
In the last five years, prices increased by 45%, while in Spain as a whole, they increased by 18% in the last five years and even decreased in the last three by 11%.
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