But by comparison with the fourth quarter of 2023, the increase nationwide was just 0.1%. In a number of regions there was a small decrease, but not in the Balearics, where there was an increase above two per cent. The Canaries and Valencia experienced similar increases.

While prices in general are moderating, this isn’t really the case in the Balearics, Cristina Arias, director of Tinsa’s Research Service, saying: “The shortage of supply in areas where demand is concentrated will continue to support prices.”

If there has been a slowdown in prices, Arias observes that it is “slower” in tourist areas. “This is consistent with a profile of second home buyers with greater purchasing power, whose purchase decision has been less impacted by the context of high inflation and high interest rates.”

The average house price in Spain has increased by 38.6% since the lows of 2015 and remains 18.2% below the highs recorded in 2007 prior to the financial crisis. Tinsa’s research indicates that the Balearics is the only region with a price level higher than that of the real estate ‘boom’.

* It should be noted that different sources do provide at times conflicting information. In February, figures from the College of Notaries indicated that house prices in the Balearics fell in 2023 by 0.4%, the first decrease for ten years.