Average prices of properties in the Balearic Islands
Majorca
Visited by almost ten million visitors each year, Mallorca offers the perfect combination of holidays: sea, sand and sun in a Mediterranean climate that has mild winters and hot summers. The influx of multinational visitors gives Mallorca a cosmopolitan vibe. Palma de Mallorca is the capital. It offers quaint shops overlooking the bay, historic architecture and diverse entertainment. Mallorca offers properties for sale to suit any temperament. Luxurious new construction homes in the capitol area are sold for approximately 2.5 million euros. New construction homes in Port D’andratx with views of Ibiza start at around 350 million euros. Condominiums in major metropolitan areas sell for approximately €300,000.
Minorca
Menorca is the second largest of the Balearic Islands. Mahón, the capital city, is built on the largest natural harbor in the world. Wine, cheese, gin and oil are the main exports of this island. Ciutadella, the former capital situated on the opposite end of the island, is a study in contrasts to Mahón. Although still a port city, Ciutadella is home to older architecture and offers a glimpse of life on Menorca in an earlier age. Quieter than its more famous neighbour, Menorca is known for its family-friendly resorts. With three hundred sunny days a year, Menorca’s climate invites all kinds of outdoor activities. Diving, snorkeling, and fishing remain popular pastimes. Menorca has been declared a Biosphere Reserve, which allows the island to preserve its wetlands and archaeological sites.
Menorca offers smaller and more affordable housing than its sister island, making it an affordable destination for many families. A two-bedroom apartment costs between €109,000 and €250,000. For those people interested in large lots of land, fincas start at around 1 million euros. Luxury houses facing the sea cost more than 1 million euros.
Ibiza
Ibiza is the third largest of the Balearic Islands, although it measures only 45 km long and 25 km wide. It’s like a playground for the rich and famous, hosting summer parties that draw huge crowds. The liveliest nightlife is concentrated in the capital city of Ibiza Town. On the western side of the island, Sant Antoni attracts the clubbing crowd. On the contrary, Ibiza is also a World Heritage Site. Natural wonders as spectacular as “God’s Finger” are now protected from rampant development. More than fifty percent of the island’s residents are native speaking a form of Catalan.
The apartments range from €75,000 to €140,000 and are mainly located in Ibiza Town and Sant Antoni. Villas with stunning views can be purchased for approximately 2 million euros. Single-family homes are available between €400,000 and €400,000. For people looking for a little more privacy and a lot more land, fincas sell for €5,000,000 to €9,000,000.
Formentera
Formentera is the smallest of the islands. It is also the southernmost. As it can only be reached by boat from Ibiza, it is the calmest of the islands. It is also known for the number of beaches that allow nude sunbathing. It hosted the 2007 Techno 293 OD World Championship for junior and junior windsurfing.
The apartments range from €50,000 to €100,000. Two and three bedroom villas in Fincas De La Vega, an exclusive residential complex with prices from €200,000 to €300,000. Townhouses with three to five bedrooms are priced at around €100,000.