Real estate prices: increases by 6% in the Balearic Islands and is already the most expensive community

Real estate prices: increases by 6% in the Balearic Islands and is already the most expensive community

Housing prices have increased by 5.9% in the Balearic Islands in a year, according to data from the National Institute of Statistics ( INE ) corresponding to the fourth quarter of 2022, which place the archipelago as the Community with the highest price index in absolute terms. The Balearic Islands remain the most expensive region despite the fact that prices fell by 1.1% compared to the previous quarter, moving away from the historical high reached during the months of July to September 2022.

Behind the Balearic Islands, the next Community with the highest prices is Madrid, followed by Catalonia, while the least expensive is Extremadura, followed by Castilla – La Mancha and Castilla y León. The archipelago is the most expensive community for new and used housing. New housing has become more expensive by 6.5% in one year and by 0.9% compared to the previous quarter; second-hand housing has fallen by 1.4% between quarters but is 5.8% more expensive than a year earlier.

Data from the INE show that used housing in the Balearic Islands is more expensive than new housing in most of the autonomous communities. Similarly, in the fourth quarter of 2022, the price in the Balearic Islands is 12.2% higher than in the same period of 2007 and 71.3% higher than the minimum reached in early 2013.