The Balearic Islands is the community where the more the price of housing has risen new and used throughout Spain, with an increase of more than 8.4% compared to the third quarter of last year, when at a national level it has increased by 3.1%, according to the Tinsa appraisal firm.
According to these data collected by the EFE Agency, the Balearic Islands are the leading autonomous community in the increase in housing prices during the last year and also compared to the previous quarter. Cantabria is followed by Cantabria (7.1%), the Canary Islands (7%), Asturias (5.8%) and the Valencian Community (6.8%). For their part, Madrid (2.5%) and Catalonia (3.6%) registered moderate variations, although increasing compared to the second quarter.
On the other hand, there are several regions that have beaten their maximums recorded during the real estate ‘boom’ such as Santa Cruz de Tenerife and the city of Málaga. It is also the case of Palma de Mallorcawhich has broken its record with a 10.1% increase in price. The province of Madrid is also close to reaching its 2007 highs (6.7% below).
At a national level, the average home value in Spain increased by 41.3% from the minimum recorded in the third quarter of 2015 and is currently 16.6% below its historical maximum (fourth quarter of 2007). .
The region where it has increased the most compared to its minimum is the Community of Madrid (68.3%), followed by the Balearic Islands (60.5%) and Catalonia (51.9%). For its part, the Balearic Islands are the only one that exceeds the bubble highs, standing 12.6% above.
It is worth remembering that a citizen of the Balearic Islands must allocate 19.9 years of your full salary to purchase a home in the first quarter of 2024, twelve points above the national average, which stands at 7.6 years, according to the Real Estate Sector Trends Report published last April by Sociedad de Tasación.
Furthermore, at young people from the Balearic Islands It is also not enough for them to allocate their entire salary to be able to pay the rent, as is the case in Madrid, Catalonia and the Canary Islands, according to the real estate portal Pisos.com.
The average salary of a young person in Spain in the last half of last year was 1,050.77 euros net per month. Taking into account that the national rental average stands at 1,062.90 euros per month (8.5% more than in the same period of the previous year) would leave young people with a debt of 12.13 euros in their accounts after paying rent.
In Balearic Islands the rent stands at 1,615.35 euroswhich would be exceeding them by 564.58 euros; in Madrid, with 1,556.34 euros and a balance of -505.57 euros; Catalonia, with 1,190.70 euros and -139.93 euros; and the Canary Islands, with 1,149.30 euros and -98.53 euros.
