Menorca’s housing market performance in 2024
For more detail on the Balearic market see the Mallorca report.
Home sales
Menorca’s housing market performed more resiliently in 2024 than the Balearics as a whole. A total of 1,738 residential sales occurred, showing only a slight YoY decline of 1%. Compared to the ten-year average, this was a modest 1% increase, and over ten years sales rose strongly by 29% (Fig. 1-5). These figures paint a picture of stable demand in Menorca, particularly over the longer term.
House prices
Against a background of rising prices in the Balearic region (up 14% in 2024), house prices in Mahón—Menorca’s capital—rose 12% last year to €2,831 per square metre, according to the property portal Idealista (Fig. 2-3). Over five years, average asking prices have increased by 44%, pointing to sustained investor and buyer interest in this specific locality. As the largest and most active local market on the island, Mahón offers a reliable benchmark for house price trends in Menorca as a whole. Price movements here typically reflect broader dynamics across the island, making it a useful bellwether for market direction.
Idealista’s ten-year asking price index has moved from 100 to 172 in Mahón, reflecting a 72% increase over the decade. This is lower than official price appreciation for the region, often due to differences in data methodology or a lag between asking and transaction prices. Nonetheless, it indicates solid long-term growth.
Housing starts
There were 244 housing starts in Menorca during the first half of 2024 based on planning approvals (Fig. 4-1), representing a year-on-year increase of 51%. Compared to the ten-year average, this marks a rise of 25%, and a 24% increase over the decade.
Despite slowing new home sales, continued growth in planning approvals suggests developers are betting on sustained demand in the medium to long term, possibly driven by tourism, lifestyle relocation, and foreign investment.
Conclusion
The Menorca property market continues to show signs of underlying strength, with stable sales, rising prices, and increasing housing starts all pointing to sustained interest in the island. Mahón’s role as a market bellwether confirms a broader trend of steady price growth, while the increase in planning activity suggests developers are positioning for continued demand. Overall, the outlook for Menorca remains positive, though future supply constraints could weigh on the market unless more building land becomes available.
DISCLAIMER: This report is prepared in good faith using publicly available data. While efforts are made to ensure accuracy, no guarantees are provided regarding the completeness, reliability, or suitability of the information for any purpose. Use of this information is at your own risk.
