AREC market study takes a close look at new buildings

Of all the islands, Ibiza has the most expensive homes. Around 900 new-build apartments are currently being offered in Ibiza at an average price of 511,000 euros.

According to a study by “Activum Real Estate Consulting” (AREC), there are currently around 3,500 new-build apartments in more than 90 properties on the four islands on the market in the Balearic Islands.

Mallorca alone has more than 2,500 apartments. Ibiza follows with 27% of the total volume. In last place are Formentera and Menorca, each accounting for just under 1% of the supply.

According to AREC, the average price for a new build 112 square meter three bedroom apartment in the Balearic Islands is 425,021 euros. Buying an apartment of the same category in Ibiza has an average cost of 511,000 euros.

For comparison: In Mallorca you can even get a house for less money. The island with the cheapest homes is Menorca, where a property with the same characteristics costs an average of 262,000 euros per 100 square meters. The promoters with the most offers on the Balearic market are currently Grupo Ibosa (400 properties), Aedas Homes (280) and Salas (270). Other companies with strong market share are Avintia Inmobiliaria (6.35%), Ncalma Homes (4.19%), Taylor Wimpey (3.99%), Aelca (3.65%), Metrovacesa (3.63%), La Llave de Gold (3.37%) and Cotesa (2.87%).

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