Balearics is the Spanish community in which has more increased the price of housing compared to 2015, an increase of almost 10% when the rest of communities the increase does not reach 2.5%. In the whole of Spain, the average price of private housing increased by 2.4% in the first quarter to stand at 1492.4 euros per square meter, stringing four consecutive quarters with annual growth, as reflected in the statistics recently published by the Ministry of Public Works.

The price of private housing has also increased by 0.2% per square meter in reference to the last quarter of 2015. Since the minimum value reached in the third quarter of 2014 the price of housing has rebounded 2.5%. This new increase comes after the average price of private housing to go up 2.1% last year. It has experienced in the first quarter year on year growth of 3.1% after adding six consecutive quarters of increases.   In the classification by autonomous communities that present year growth of price, are the Balearic Islands (9.6%); Catalonia (4.9%); Madrid (4,2%); Extremadura (3.7%); Galicia (2.6%); Valencia (2.4%) and Canarias (2.4%). Free housing for up to five years old has increased in the first quarter by 0.2% to 1,727.8 euros, while those of more than five years have grown 1486.4 euros per square meter, representing a rise 2.6% annual rate. On the other hand, the average price of subsidized housing registered an increase of 1.5% to 1,113.2 euros / m2. The number of property valuations used for the calculation of housing prices in the first quarter of 2016 was 110,133, representing a 13.9% increase over the same quarter last year.

If you intend to purchase a property in Majorca from a foreign country, Ripoll & Mateu Solicitors Mallorca can fully assist you in the buying process. We offer our clients a comprehensive service in everything required for the purchase of a property. Feel free to contact us, we specialise in Real Estate Law and legal and tax advice in the process of buying and selling a property in Mallorca.