According to the Balearic association of builders, the number of new homes built per annum over the past fifteen years has not exceeded 4,000. Ideally, given current demand, there should be at least 7,000 a year.
Speaking on Wednesday, the association's director, Sandra Verger, said that what is being built is not affordable housing. The president, Fanny Alba, added that the problem has been getting increasingly worse. There is a current deficit of some 35,000 homes in the whole of the Balearics.
Given population projections from the National Statistics Institute, Alba explained: "Over the next 13 years it would be necessary to put 10,300 homes on the sale and rental market annually in order to balance supply and demand with the increase in population."
In 2023, there were 3,292 new homes. Going back to the pre-financial crisis housing bubble of 2006 to 2007, some 30,000 were built, and on average the prices were a third of what they are now.