© Melissa Chandler
Spanish property market making a positive comeback
Despite the fact that housing in the Balearics fell by 0.1 percent last month, it has risen by 2.4 percent over the past year. This is the second highest year-on-year rise in the country, property watchdog Fotocasa.es reported yesterday.
Making the first positive variance registered in the Islands since August 2007, it reinforces the emerging trend of a slowing down of falling house prices.
According to the latest research by Fotocasa.es, the regions of Asturias and the Balearics were tops in terms of year-on-year price increases since the summer of 2007, with 3.8 and 2.4 percent respectively.
The average price of housing in the Balearics last month was registered as €2,401 per square metre.
Data collected by Fotocasa showed that the municipalities where the price of square metre of housing had gone up the most in May were: Manacor (0.8%); Calvia (0.8%); and Palma (0.2%). Those which had shown the greatest decline in house prices between April and May this year were: Marratxi (-4%); Inca (-1.1%) and Llucmajor (-0.7%).
Calvia continues to be the municipality with the highest average cost of housing (€3,141 euros per square metre) whilst Manacor has the cheapest (€1,629).
