In the third quarter of 2022, the Balearics remained the Spanish region with the highest house prices, with an increase of 8.3% compared to the same quarter of the previous year, according to data from the National Statistics Institute (INE).
The price of housing increased by 1.9% in the Balearics between the second and third quarters (comparing April, May and June with July, August and September) and so far this year has risen by 7.1%. However, it is the region that most moderated the annual rate, 2.6 points compared to the second quarter, when it reached 10.9% increase over 2021.
The Balearics is the most expensive region for both new and used housing. Brand new housing has increased its prices by 8.8% in the Balearics compared to last year, and by 3.1% compared to the previous quarter.
Meanwhile, used homes have risen by 8.3% year-on-year and by 2% quarter-on-quarter. The INE statistics also reveal that the price difference between new and used housing in the Balearics is lower than in Spain as a whole.
In Spain as a whole, the price of free housing moderated its rate of growth to 7.6% in the third quarter, four tenths of a percentage point below the growth of the previous quarter. With the increase in the third quarter, the price of unrestricted housing has now accumulated 34 quarters of year-on-year growth, which is equivalent to just over eight years of continuous rises.
By type of housing, the price of new housing increased by 6.8% compared with the third quarter of 2021, which is two points less than the year-on-year rate recorded in the second quarter of 2022.
Meanwhile, the price of used housing increased by 7.8% year-on-year, one tenth of a percentage point lower than the growth experienced in the previous quarter.