The most expensive urban plots in Spain are in the Baleares

At the close of the last quarter of 2023, the Balearic Islands had the most expensive urban land in the country, on average.

The national average stood at €154.6 per square metre, which was 3.3 per cent lower than in the previous year.

Twice the price

But in the Balearic Islands the average price was twice as high, at €304, according to data from the Ministry of Housing and Urban Planning.

This was followed by Madrid (€291.3 per square metre) and the Canary Islands (€250.8 per square metre).

In towns with more than 50,000 inhabitants, the average price per square metre increased by 3.6 per cent between October and December, to reach €278 per square metre.

The highest absolute prices in towns were recorded in Zaragoza (€694.4), Aragon (€524.1), the Balearic Islands (€438.7) and Madrid (€431.6).

During the same period, prices dropped dramatically in Murcia (-34,6 per cent), La Rioja (-19,7 per cent) and País Vasco (-12,8 per cent).

In general, the number of transactions rose by 13.1 per cent, with half as many again taking place as in the previous period. A total of 5,685 urban plots changed hands.

The highest volume of transactions took place in León (€53.5), Albacete (€57.2), Ávila (€81.7) and Pontevedra (€89.3).

More people moving to towns

Transactions in larger towns of 10,000 to 50,000 inhabitants rose by 22.3 per cent throughout Spain.

Total transactions amounted to almost €900 million for almost 8 million metres of urban land.

This represents a 22 per cent increase in land area sold, at a 7.3 per cent lower price – although prices have by no means dropped in the Belearic Islands.