Second-hand housing: Ibiza has the four most expensive municipalities in the country

Santa Eulària is the most expensive municipality to buy a used home in Spain, well above the national average. In addition, three other municipalities of Ibiza are among the ten most expensive and the Balearic Islands has once again become the autonomous community with the highest prices to buy a second-hand house.

• One third of the homes on the islands are bought by foreigners.

According to the Fotocasa Real Estate Index, buying a house in Santa Eulària costs 8,411 euros per square meter. This is 3.5 times higher than the national average (2,389 euros/m2). The second most expensive municipality is also on the island: it is Ibiza, with 6,986 euros/m². In addition, in Sant Josep the square meter costs 5,963 euros, while in Sant Antoni it is 5,837. The top ten is this:

1. Santa Eulària (8.411 eutos/m2)
2. Ibiza (6,986 euros/m²)
3. Zarautz (6,758 euros/m²)
4. Donostia – San Sebastián (6,696 euros/m²),
5. Calvià (6,640 euros/m²)
6. Sant Josep de sa Talaia (5,953 euros/m²)
7. Sant Antoni de Portmany (5,837 euros/m²)
8. Andratx (5,746 euros/m²)
9. Sant Just Desvern (5,740 euros/m²)
10. La Moraleja (5,600 euros/m²).

Balearic Islands, in the lead

The Fotocasa report highlights that “the Balearic Islands tops the list of communities with the highest price for the second time in the entire historical series”. In fact, it has displaced Madrid to second place after five years in which the capital had been at the top of the list. Thus, the Balearic Islands, which has exceeded 4,000 euros/m² since April 2024, is at the top of the ranking of the most expensive with 4,597 euros/m² (almost double the national average, while Madrid follows with an average price in December of 4,278 euros. This represents an annual increase of 19.5% for the Balearic Islands. It is the second autonomous community that grew the most in one year, behind only the Valencian Community (19.8%).

Record growth

The annual increase of this year 2024 is the highest recorded in this period in the Fotocasa Real Estate Index in its 19 years of analysis. By municipalities, the most outstanding year-on-year rise is in Felanitx with 45.6%, followed by municipalities with increases above 20% such as Santa Eulària des Riu (40.2%), Pollença (38.7%), Sant Antoni de Portmany (28.5%), Ciutadella (21.0%), Calvià (20.2%) and Maó (20.1%). “The evolution of housing prices in 2024 has been marked by rises, pronounced at a hurried pace, which consolidate the upward trend that began in 2022,” the report highlights. The increase at the national level has been 8.4%, and has had a year-on-year peak of 9.6% in November. “Although at the national level prices are still 19% below the peak reached in 2007, regions such as the Balearic Islands, the Canary Islands and Madrid, along with ten provincial capitals, have already reached historic records. This phenomenon reflects a stressed market, where the imbalance between the limited supply and an increasingly solid demand, particularly in areas with high population growth and tourist attraction, is pushing prices upwards”, points out the real estate portal’s survey. In addition, the report highlights that “the average price was above 2,000 euros until May 2012 and then spent ten years (123 months) below until reaching its sharpest point in February 2016 (1,610 euros/m²)”.

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