The price per square meter of real estate in the Balearic Islands has reached 3,132 euros

The average price per square meter of housing in the Balearic Islands in July this year was 3,132 euros. It is the highest value for real estate in Spain at the moment. The increase in prices compared to last year was 11.9%. It follows from data released on Thursday by the Spanish Association of Notaries.

This increase is primarily due to the growth in the cost of single-family houses, which increased by 33.9%. On the contrary, apartment prices fell by 10.3%. In July, 1,459 housing purchase and sale transactions were registered, 18% more than a year earlier. Less than half of these transactions, 43.5%, were financed through mortgages.

According to notaries, the price per square meter has increased by 2.2% compared to the previous year on a national scale, although there is a considerable inter-territorial variation.

Likewise, house sales and purchases have increased in all autonomous communities. The highest growth was recorded in Cantabria (+ 55.5%) and the smallest in Navarra (+ 0.4%). In July, mortgage loans for house purchases increased by 48.9% year over year. Their average amount decreased by 2.5% compared to the previous year, reaching 147,820 euros.