Home mortgages rise 17.6% in the Balearic Islands in September, above the national average

The number of mortgages constituted on homes in the Balearic Islands increased by 17.6% in September compared to the same month last year, an increase that exceeds the national average of 12.24%, according to data published Wednesday by the National Statistics Institute (INE). In total, 1,149 operations were signed in the archipelago.

The capital loaned for the purchase of homes amounted to 324.3 million euros, which is 17.95% more than in September 2024. Compared to August, the capital granted also grew notably, with an increase of 34.5%, reflecting a clear reactivation of the Balearic mortgage market.

• Ibavi will build eight public housing units in the old Mercat Pagès: this is what the new development for residents in Ibiza will be like.

More than 1,400 mortgages in total

If all properties are taken into account, the Balearic Islands registered 1,421 mortgages in September, with a total disbursement of 603.55 million euros. Of these operations:

• 44 corresponded to rural properties.

• 1,377 to urban properties, of which:

  • 1,149 were homes,

  • 22 plots,

  • 206 other types of real estate.

With regard to changes in existing mortgages, 13 subrogations were made to the creditor (change of bank) and 55 subrogations to the debtor (change of holder). In addition, 275 mortgages modified their conditions, most of them(207) by means of a novation, i.e., a renegotiation with the same bank.

• Sant Antoni will allocate 500,000 euros to buy a plot of land to build housing at limited prices

Cancellations exceed 1,500

In parallel to the increase in new signings, the archipelago also recorded 1,555 cancellations of mortgage loans on properties :

• 793 cancellations of home mortgages,

• 64 on rural properties,

• 670 of other urban properties,

• 28 on plots of land.

• Secure Rentals, stagnant in Ibiza: barely a handful of homes taken after one year

Balearic Islands, among the fastest growing communities

The increase in home mortgages was generalized in all the autonomous communities, although the Balearic Islands was in the middle range of the ranking. The highest growth rates were recorded in:

• La Rioja ( +33.87%)

• Murcia (+30.55%)

• Cantabria (+27.30%)

At the opposite end of the spectrum were:

• Canary Islands (+0.16%)

• Castilla y León (+1.72%)

• Andalusia (+6.34%)

As for the amount loaned, it also increased in all regions. The largest increases were in:

• Cantabria (+57.56%)

• Murcia (+53.98%)

• Asturias (+40.22%)

While more moderate rises were led by:

• Canary Islands (+15.25%)

• Castilla-La Mancha (+16.62%)

• Balearic Islands (+17.95%)

The INE data confirm a recovery trend in mortgage lending in the Balearic Islands, despite the economic context of high interest rates in recent months, and place the archipelago among the communities with the highest volume of transactions per population.

Continue reading:

• “You go to Thailand and I pay your rent”: outrage in networks over winter housing in Ibiza

• The new Lloguer Segur plan seeks to mobilize vacant housing: the Govern will approve it before Christmas

• Consell and municipalities sign housing agreements for 3 million to expand aid and public housing stock

• Home sales rebound in the Balearic Islands while single-family operations go down and small apartments go up