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House prices still falling

THE average cost of new housing in Baleares fell by 6.5 per cent last year.

According to a report by the Valuation Society, the 2012 fall in prices was still less than the average 6.9 per cent suffered nationally.

Calvia is the town with the highest annual drop in 2012, of 11.4 per cent, followed by Ciudadela de Menorca with a 7.5 per cent fall and Palma, down 6.5 per cent.

Ibiza was the most expensive Balearic town for buying a brand-new home, with an average price of €1,991 per square metre, followed by Palma at €1,947 per square metre. Calvia cost an average of €1,826 while in Mahon it was €1,724. The cheapest Balearic town in 2012 was Manacor, at €1,380 per square metre.

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