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Real estate market changes in mallorca in 2024: a comprehensive analysis

In the ever-evolving landscape of real estate, Mallorca stands out as a beacon of stability and growth, attracting discerning buyers seeking both investment opportunities and a haven for their families. According to the renowned real estate portal, idealista.com, the average price per square metre of housing in the Balearic Islands has witnessed a significant surge, reaching €4,083/m2 in January 2024. This marks a noteworthy increase compared to the average property price in Mallorca, which stood at €3,625/m2 in January 2023.

The year-on-year growth from January 2023 to January 2024 is an impressive 11.2%, showcasing the robust nature of the real estate market in Mallorca. Comparatively, the growth from 2022 to 2023 was 9%, underlines a consistent upward trajectory. 

LocationThe price per square meter in January 2024The price per square meter in 2022Deviation compared to 2023 (+/-%)
Palma de Mallorca 3.877 €/m2 3.092 €/m2 + 11%
Santa Ponsa 5.967 €/m2 4.732 €/m2 + 8,2%
Port Andratx 8.687 €/m2 7.398 €/m2 + 18,8%
Alcúdia 3.715 €/m2 3.097 €/m2 + 6,3%
Felanitx 1.406 €/m2 1.181 €/m2 + 4,2%
Llucmajor 3.253 €/m2 2.726 €/m2 + 5,1%
Marratxi 3.150 €/m2 2.379 €/m2 + 13,4%
El Toro 6.046 €/m2 3.939 €/m2 + 11,7%
Palmanova 5.382 €/m2 4.202 €/m2 + 2,5%
Cala Vinyes 5.857  €/m2 5.142 €/m2 + 6,2%
Sol de Mallorca  6.515 €/m2 5.156 €/m2 + 6,3%
Portals Nous - Bendinat 8.384 €/m2 5.833 €/m2 + 5 %
Calvià 4.976 €/m2 4.016 €/m2 + 9,3%
S'Arenal-Son Verí 2.716 €/m2 2.413 €/m2 +5,15%
Son Vida 7.360 €/m2 5.808 €/m2 + 1,7%
Valldemossa 3.687 €/m2 3.998 €/m2 +3.9%
Manacor 2.047 €/m2 1.648 €/m2 +10.9%
Sa Ràpita 2.761 €/m2 3.702 €/m2 +7.8%
Binissalem 2.097 €/m2 1.935 €/m2 -1,8% 

Statistics were obtained from portals like Idealista and Betterplace.

Positive Trends and Sustained Interest

A meticulous analysis of the data reveals that the majority of locations in Mallorca continue to exhibit a positive trend in price growth. This indicates not only the resilience but also the sustained high interest from real estate buyers in the region. The allure of Mallorca's picturesque landscapes, vibrant culture, and quality of life has consistently positioned it as a desirable destination for property investment.

Global Factors Amplifying Interest

In the face of an unstable global situation, the demand for real estate in Mallorca has only intensified. Many individuals are now more willing than ever to invest significantly in securing peace and well-being for their families, and Mallorca's real estate market offers an appealing avenue for such aspirations.

Prospective Trends for 2024

Analyzing the historical data and considering current trends across various economic sectors it becomes evident that the trend of increasing property values in Mallorca is poised to persist in 2024. The upcoming months promise property owners and investors anticipated price spikes in February 2024, mid-April to August 2024, and the second half of September to the end of November 2024.

Newly-built modern villa in Alcudia

Newly-built modern villa in Alcudia - View Villa

In these specific periods, we expect heightened market activity and increased property values, providing opportunities for both sellers and buyers to capitalise on the advantageous market conditions. However, even in the remaining periods of 2024, the cost of housing in Mallorca is predicted to either maintain its current levels or demonstrate moderate growth, ensuring a stable and attractive market throughout the year.

Your Trusted Partner

At the agency, we pride ourselves on being at the forefront of Mallorca's real estate landscape. Our commitment to providing accurate market insights, coupled with a deep understanding of the local dynamics, positions us as your trusted partner in navigating the evolving real estate market.

Stay Tuned for Updates

As we closely monitor the market dynamics, Balearic Properties remains dedicated to keeping you informed about the most stable real estate market in Europe. Stay tuned for our regular updates, ensuring you are well-equipped to make informed decisions in the ever-thriving real estate landscape of Mallorca.

Invest wisely, live beautifully –The agency, your gateway to unparalleled real estate experiences in Mallorca.

By Iris Gruenewald

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