As of December 2024, the average price of a flat in Spain has surged to €3,435 per square metre, according to the College of Notaries figures. This rise translates to an average flat of 101 square metres now costing €346,935, marking an increase of €46,561 compared to 2023. This price jump alone could be enough to purchase a property in some parts of Spain.
The price hike has been particularly pronounced in the Balearic Islands, where the cost of a single-family home reached €867,768 in 2023, representing a significant rise of €124,982 from the previous year. After a brief price drop two years ago, the market has seen a dramatic recovery, driven by falling interest rates and easier access to mortgages, bringing prices to levels not seen since the property boom two decades ago.
However, the rising costs have raised concerns, especially the growing gap between real estate prices in the Balearics and the rest of Spain. While national prices increased by 6.9 per cent in 2024, the Balearics experienced a much higher rise of 15.2 per cent. Analysts predict this trend will continue throughout 2025, further widening the disparity.