Second hand properties in the Balearics are set to rise by 1.2% in May
The average price of a second hand property in the Balearics rose by 1.2% in May compared to the previous month witch equals a price of 2.108€ per square meter according to the data that we have access to.
This value is 25.5% more higher than the Spanish average, witch in May was 1.680€ / m2.
The Balearics are the 4th most expensive community in Spain behind País Vasco, Madrid y Cataluña.
The Balearic Islands reached its historical hight of average price in 2007 with a value of 2.762€ per square meter, and since has accumulated a decrease of a 23.7%.
Twelve of the nineteen municipalities in the balearics analyzed in this report have experimented rises in price in second hand properties in May.
The highest rise has been in Lloseta(4.6%) followed by Santa Margalida(3.4%), Calvià(2.8%) and Ibiza(2.4%) and makes it the most expensive municipality with an average price of 4.081€ / m2.
Sa Pobla is the cheapest area with a price of 1.194€ / m2.
Property purchase is on the increase, specially investors but also for private purchasers who believe that prices are no longer going to fall much more. The return of credit and a certain improvement in economy and employment also help.
Prices fell notably and the highest rises in prices registered were led by communities such as Madrid and Cataluña and the main touristic destinations.