These three neighbourhoods of Palma are above 6,000 euros per square metre to buy a home, according to data from April published by the real estate portal Fotocasa, making it one of the most expensive cities in Spain

Among the top 20 most expensive neighbourhoods in Palma are Sant Nicolau, Sa Llotja-Born (6,820 euros per square metre) and Son Espanyolet (6,729 euros per square metre). These are data provided by Fotocasa regarding the purchase of housing.

This real estate portal states that in the month of April, Palma was positioned as one of the most expensive cities (3,942 euros per square metre) behind Donosti-San Sebastián (5,712 euros per square metre), Barcelona (4,424 euros per square metre) and Madrid (4,295 euros per square metre).

Palma

In terms of national figures, the most expensive neighbourhoods in Spain are four times the national average price of land, which stands at 2,113 euros per square metre. Thus, Madrid and Barcelona are once again the most expensive cities in Spain in which to buy a property.

Second-hand housing in the Balearic Islands

According to the monthly sales price report by pisos.com, second-hand housing in the Balearic Islands in May 2023 had an average price of 4,127 euros per square metre. This figure registered a monthly rise of 2.01%, the highest in the country. Year-on-year, it grew by 22.24%, also the highest increase in Spain.

The Balearic Islands was the most expensive autonomous region in the country, ahead of Madrid (3,450 €/m²), among others. As for second-hand housing in Spain, in May 2023 it registered an average price of 2,053 euros per square metre, showing a monthly increase of 0.46%. Year-on-year, the figure registered a rise of 6.74%.