It would appear that demand for properties in Mallorca, in particular Palma, is holding up while in other parts of Spain, prices are starting to fall slightly. The number of property owners who lowered their asking prices increased during the first quarter of this year compared with the same period in 2025.
14% of properties advertised saw their prices reduced this year, compared with 11% last year, according to a study published by idealista analysing the properties listed in its database. Barcelona and Teruel are the two cities where the percentage of listings showing price reductions is highest, accounting for 21% of listings between them. They are followed by Madrid with 20%, and then Alicante (19%), Segovia (19%), Málaga, Seville, Valencia and Zaragoza (18% in all four cases).
Among the major markets, Palma is where the fewest owners are lowering their prices (14%), followed by Bilbao (16%) and San Sebastián (17%). According to Francisco Iñareta, spokesperson for idealista, “the data on the number of owners lowering their expectations is in line with other metrics such as the decline in the number of property sales and appears to confirm the trend towards price stabilisation in the main markets, as suggested by idealista’s price reports.
“The very nature of the market means this process is not a quick one. Property professionals have a firm grasp of market realities and know the prices at which deals are closed, so they are quicker to adjust their asking prices.
Private sellers, on the other hand, are more resistant to these shifts in trend, as they combine emotional pricing with a ‘rear-view mirror’ perspective that focuses more on the past than the present”. This year in Mallorca, existing homes have seen a 12% price jump this year, while new-build price momentum has slowed to 4% growth due to high baseline costs (+24% premium over resales).