In October, the Balearic Islands was once again the autonomous community with the highest housing prices in Spain, reaching 4,097 euros per square meter, despite registering one of the most moderate year-on-year increases in the country, with a rise of 3.8%.
According to data published this Tuesday by the General Council of Notaries, 1,370 sales transactions were formalized in the archipelago during the month of October, which represents a 7.6% decrease compared to the same period last year. Of these transactions, 1,097 corresponded to apartments and 273 to single-family homes.
The price increase in the Balearic Islands was clearly below the national average, which stood at 6.7% year-on-year, and far behind the strong rises recorded in other communities such as Cantabria (20.4%), Navarra (17.2%), Asturias (16.4%) or the Valencian Community (14.2%).
The most expensive housing in Spain
Despite this slower growth, the islands continue to clearly lead the price ranking. The Balearic Islands are followed by the Community of Madrid, with 3,549 euros/m², the Basque Country ( 3,027 euros/m²), Catalonia (2,278 euros/m²) and the Canary Islands (2,055 euros/m²).
The gap with the most affordable communities continues to widen. With the average cost of a home in the Balearic Islands, in October it would be possible to buy more than six homes in Extremadura (627 euros/m²), five in Castilla y León (806 euros/m²) or four in Castilla-La Mancha (1,006 euros/m²).
Differences between apartments and houses
By type, the price of apartments in the Balearic Islands reached 3,981 euros per square meter in October, representing a year-on-year increase of 6.7%. In contrast, single-family homes stood at 4,451 euros/m², down 2.7% on the previous year.
Homes that changed hands in the Islands had an average surface area of 123 square meters, 2.6% more than a year ago. In the case of apartments, the average was 97 square meters, 4.6% less, while single-family homes reached 220 square meters, up 14.1%.
Rebound in mortgages and business start-ups
The Notary’s report also reflects a strong growth in mortgage loans in the Balearic Islands. In October, 666 mortgages were formalized for the purchase of a home, 20.2% more than a year earlier, well above the national average increase of 6.7%.
The average amount of mortgages rose to 330,191 euros, a year-on-year increase of 25.6%, in line with the high cost of the Balearic real estate market.
In parallel, business activity also showed signs of dynamism. During October, 482 new companies were incorporated in the Balearic Islands, 22.8% more than in the same month of 2024. However, the average capital of these new companies stood at 15,402 euros, 1.6% less in year-on-year terms.
