The average price in the Balearics remains the highest in Spain. | Miquel À. Cañellas

Figures from Spain's notaries suggest that there is a cooling of the property market in the Balearics. In December, there was a 31% decrease in the sale of homes, while the average price per property was down 5.6%.

The notaries' report, issued on Wednesday, stresses that it is necessary to analyse market behaviour for several months rather than just one in order to arrive at conclusions, but there is nevertheless evidence which points to the beginning of the end of an overheated market.

For the whole of 2022, there was an average price increase of 7.2%. This matched the national average. In seven regions of Spain the national average was exceeded. This price increase was based on a total of 19,124 sales operations, 7.4% more than in 2021 and above the national figure of 6.1%. The difference of +1.3% is some way lower than in recent years.

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Although there was the price decrease, the average price per square metre in the Balearics remained the highest in the country - 3,200 euros. At the other end of the regional scale was Extremadura with 606 euros.

Taking the example of a 90-square-metre apartment, this was 288,000 euros in the Balearics compared with 54,540 in Extremadura. This vast gap is only partially reflected by average salaries. The most recent data for salaries from the National Statistics Institute (2021) gave 2,073 euros for the Balearics and 1,633 for Extremadura.

* There are multiple sources for property market data. The notaries are one. Others include the registrars, the valuers (Tinsa), the statistics institute and property websites.