Home sales in the Balearics in the first nine months of the year were above the ten-year average, whilst house prices have stabilised at the same level as last year after rising for nine consecutive years.
There were 11,341 home sales witnessed by notaries in the first nine months of the year, down 23pc on the same period last year, but slightly above the ten-year average of 11,309.
The average house price in the third quarter was 3,187 €/sqm, exactly the same as last year. Both sales and prices are illustrated in the chart above.
It is unsurprising that sales are down compared to 2022, which was an exceptional year all over Spain as the market boomed on the back of pent-up demand and a surge of foreign investors flocking to Spain in the wake of the pandemic.
Compared to normal years before the pandemic, Balearic sales were almost on a par with 2019 and 2016, but lower than 2017 and 2018, which were particularly good years for the Balearic housing market.
This year’s figures suggest that the market is enjoying a soft-landing after last year’s boom, with sales in line with the ten-year average, and prices stabilising after rising for nine years. Prices have risen 70pc since 2013.
The island of Mallorca accounts for almost 80pc of home sales in the Balearics.