Second hand property prices fall in the Balearic Islands

THE prices of second-hand properties in the Balearic Islands have fallen by 5.16 per cent in April, compared with the same month of 2014.
The decrease means that Balearic properties now cost an average of €2,041 per square metres, according to the data released by the online property site pisos.com.
If compared with March, the decrease amounted to 0.28 per cent, although in both cases the drop in Balearic prices is less significant than the average decreases registered in Spain as a whole, which were 8.9 per cent year-on-year, and 0.75 per cent from March to April.
The figures show that the Islands are the second most expensive autonomous community to buy property in Spain, only beaten by the Basque Country, where the average cost is €2,879 per square metre.
At €1,975 per square metre, Palma de Mallorca sits in ninth position on the list of most expensive province capitals in terms of second-hand property price.