According to the latest data from the Real Estate Registry Statistics Yearbook by the Spanish Association of Land Registrars, the Balearic property market reached record figures in 2024, standing out significantly compared to the national average. The average price per square metre in Illes Balears was €3,575/m², representing a difference of +€1,489/m² compared to the national average of €2,086/m² (+71.4%). As for the average price per property, in Balears it reached €380,166, nearly double the national average of €198,407 (+91.6%).

real estate activity

These high prices have led to a significant increase in the average monthly mortgage payment in the region, with the share of salary devoted to mortgage payments reaching 56.4%, far above the national average of 32.4%. In addition, the percentage of property purchases made by foreigners in Illes Balears stood at 32.6%, well above the national average of 14.6%, highlighting the region’s appeal to international buyers.

Key data from the report

Property prices

  • Average price per square metre:

    • Illes Balears: €3,575/m²

    • National average: €2,086/m²

    • ➕ Difference: +€1,489/m² (+71.4%)

    Other regions:

    • Gipuzkoa: €3,577/m²

    • Madrid: €3,527/m²

    • Barcelona: €2,923/m²

  • Average price per property:

    • Illes Balears: €380,166

    • National average: €198,407

    • ➕ Difference: +€181,759 (+91.6%)

    Other regions:

    • Madrid: €339,805

    • Basque Country: €255,998

    • Catalonia: €227,611

Property purchases by foreigners

  • Percentage of total transactions:

    • Illes Balears: 32.6%

    • National average: 14.6%

    • ➕ Difference: +18 percentage points

    Other regions:

    • Valencian Community: 28.9%

    • Canary Islands: 27.2%

    • Region of Murcia: 23.6%

Mortgages

  • Average mortgage amount for foreigners:

    • Illes Balears: €366,830

    • National average (foreigners): €171,202

    • ➕ Difference: +€195,628 (+114%)

    Other regions:

    • Community of Madrid: €235,277

    • Andalusia: €208,511

    • Catalonia: €178,287

  • Percentage of mortgages taken out by foreigners:

    • Illes Balears: 15.6%

    • National average: 7.5%

    • ➕ Difference: +8.1 pp

    Other regions:

    • Valencian Community: 12.6%

    • Catalonia: 11.6%

    • Region of Murcia: 11.3%

Housing affordability

  • Average monthly mortgage payment:

    • Illes Balears: €1,259.3

    • National average: €738.2

    • Difference: +€521.1 (+70.6%)

    Other regions:

    • Community of Madrid: €1,101.4

    • Catalonia: €810.6

    • Basque Country: €768.5

  • Percentage of payment over salary cost:

    • Illes Balears: 56.4%

    • National average: 32.4%

    • Difference: +24 pp

    Other regions:

    • Community of Madrid: 39.6%

    • Canary Islands: 34.2%

    • Andalusia: 33.6%