Authored by the expert who managed and guided the team behind the Spain Property Pack
Yes, the analysis of Palma de Mallorca's property market is included in our pack
Whether you're looking for a beachside apartment or a family home in one of Palma de Mallorca's charming neighborhoods, understanding the current housing prices is essential before making any decision.
This blog post covers everything you need to know about residential property prices in Palma de Mallorca as of the first half of 2026, from median prices to neighborhood breakdowns and additional costs.
We constantly update this article with fresh data so you always have accurate and reliable information at your fingertips.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Palma de Mallorca.
Insights
- Palma de Mallorca listing prices run about 8% higher than actual closed sale prices, so buyers in Palma should always factor in negotiation room when budgeting.
- The gap between Palma de Mallorca's cheapest neighborhood (Llevant at around 3,100 euros per sqm) and priciest (Son Vida at 8,600 euros per sqm) is nearly three times the price.
- Property prices in Palma de Mallorca jumped roughly 12% in the past year alone, far outpacing Spain's general inflation rate of about 3%.
- Over the past decade, Palma de Mallorca housing prices have risen around 175% in nominal terms, making it one of the strongest performers in Spain's real estate market.
- New-build properties in Palma de Mallorca typically cost about 15% more per square meter than comparable existing homes, driven by energy efficiency features and scarce supply.
- Around 72% of Palma de Mallorca's residential listings are apartments, reflecting the city's Mediterranean urban character and limited land for detached homes.
- Buyers in Palma de Mallorca should budget an extra 10% to 14% on top of the purchase price for taxes, fees, and potential renovation work.
- The realistic entry point for buying property in Palma de Mallorca in 2026 starts around 250,000 euros for a small apartment in a peripheral district like Llevant.
- Foreign buyers represent one of the highest shares in Spain's Balearic Islands, which continues to push Palma de Mallorca prices upward due to strong international demand.
What is the average housing price in Palma de Mallorca in 2026?
The median housing price is more useful than the average because it represents what a typical buyer actually pays, without being skewed upward by a few expensive luxury villas that can distort the overall picture.
We are writing this as of the first half of 2026, using the latest data collected from authoritative sources like Spain's Property Registry and idealista, which we manually double-checked for accuracy.
The median housing price in Palma de Mallorca in 2026 is approximately 369,000 euros (about $435,000 or 390,000 euros after conversion adjustments), based on a typical 90 sqm apartment at around 4,100 euros per square meter. The average housing price in Palma de Mallorca sits higher at roughly 451,500 euros ($532,000), because luxury properties in areas like Son Vida pull the mean upward.
About 80% of residential properties listed in Palma de Mallorca in 2026 fall within a price range of 250,000 to 800,000 euros ($295,000 to $943,000).
A realistic entry range in Palma de Mallorca starts at 200,000 to 300,000 euros ($236,000 to $354,000), which would get you an older one-bedroom apartment of around 45 to 55 sqm in neighborhoods like Llevant or La Soledat, likely needing some light updates.
A typical luxury property in Palma de Mallorca in 2026 ranges from 2,000,000 to 6,000,000 euros ($2.36 million to $7.07 million), and for that budget you could find a detached villa of 250 to 400 sqm in prestigious Son Vida, often with a pool and sea views.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Palma de Mallorca.
Are Palma de Mallorca property listing prices close to the actual sale price in 2026?
In Palma de Mallorca, listing prices are estimated to run about 8% higher than final closed sale prices as of the first half of 2026.
This gap exists mainly because sellers price with negotiation room built in, especially for properties that have minor drawbacks like no elevator or street noise. The difference tends to be largest for older apartments in less desirable buildings, where buyers have more leverage, while turnkey renovated homes in prime areas like Santa Catalina often sell closer to the asking price.
Get fresh and reliable information about the market in Palma de Mallorca
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What is the price per sq m or per sq ft for properties in Palma de Mallorca in 2026?
As of early 2026, the median closed price per square meter in Palma de Mallorca is approximately 4,100 euros ($4,832 or about 381 euros per sqft / $449 per sqft), while the average closed price per sqm sits around 4,300 euros ($5,069 or 399 euros per sqft / $471 per sqft). For asking prices, the median reaches roughly 5,070 euros per sqm ($5,974 or about 471 euros per sqft / $555 per sqft), reflecting what buyers see when browsing listings.
Small, renovated units like studios and one-bedrooms in prime walkable or coastal areas (such as Old Town, Santa Catalina, or Portixol) tend to have the highest price per sqm in Palma de Mallorca, while larger, older apartments in peripheral inland districts typically have the lowest price per sqm due to weaker location appeal and older building features.
In Palma de Mallorca in 2026, Son Vida commands the highest prices at around 7,700 to 9,500 euros per sqm, followed by Portixol-Molinar at 6,400 to 7,900 euros per sqm. On the other end, Llevant-La Soledat offers the most affordable rates at roughly 2,800 to 3,400 euros per sqm, making it the go-to area for budget-conscious buyers.
How have property prices evolved in Palma de Mallorca?
Compared to one year ago, Palma de Mallorca housing prices have risen approximately 12% in nominal terms (around 8.7% after adjusting for inflation). This jump reflects ongoing supply shortages in prime neighborhoods combined with sustained strong demand from both local and foreign buyers.
Looking back ten years to 2016, Palma de Mallorca prices have surged roughly 175% in nominal terms, or about 110% when adjusted for inflation. This dramatic rise happened because Palma transformed into a global lifestyle destination after recovering from the mid-2010s market low, while new construction remained constrained in the most desirable coastal and heritage zones.
By the way, we've written a blog article detailing the latest updates on property price variations in Palma de Mallorca.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Palma de Mallorca.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Spain versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What types of properties are available in Palma de Mallorca and what do they cost in 2026?
In Palma de Mallorca in 2026, apartments and flats make up about 72% of listings, followed by townhouses at 10%, detached villas at 7%, penthouses at 6%, studios at 3%, and new-build apartments at around 2%, reflecting Palma's Mediterranean urban character where most residents live in multi-unit buildings.
Average prices by property type in Palma de Mallorca as of the first half of 2026 are: studios around 210,000 euros ($247,000), one to two bedroom apartments around 360,000 euros ($424,000), family apartments around 520,000 euros ($613,000), penthouses around 950,000 euros ($1.12 million), townhouses around 1,050,000 euros ($1.24 million), and detached villas around 2,700,000 euros ($3.18 million).
If you want to know more, you should read our dedicated analyses:
How do property prices compare between existing and new homes in Palma de Mallorca in 2026?
New-build properties in Palma de Mallorca cost approximately 15% more per square meter than comparable existing homes as of the first half of 2026.
This premium exists because new construction offers modern energy efficiency, elevators, parking, and better insulation, while the supply of new-build homes remains very limited in Palma's most sought-after zones where building land is scarce.
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An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
How do property prices vary by neighborhood in Palma de Mallorca in 2026?
In Santa Catalina and Son Armadans, you'll find mostly renovated apartments of 70 to 110 sqm, with average prices around 650,000 euros ($766,000). This neighborhood is popular with expats and young professionals because of its walkability, trendy restaurants, and proximity to the marina.
Portixol-Molinar offers coastal apartments and townhouses typically ranging from 80 to 140 sqm, with average prices around 820,000 euros ($967,000). Buyers pay a premium here for the seaside lifestyle, bike paths along the waterfront, and the limited supply of properties in this small coastal strip.
Genova, Bonanova, and Sant Agusti feature hillside homes and larger apartments of 100 to 200 sqm, averaging around 950,000 euros ($1.12 million). These neighborhoods attract families and retirees seeking quieter surroundings with views over the bay while remaining just a short drive from central Palma.
You will find a much more detailed analysis by areas in our property pack about Palma de Mallorca. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Character | Avg Price Range | Avg per sqm | Avg per sqft |
|---|---|---|---|---|
| Son Vida | luxury / golf | 2.32M - 2.83M euros ($2.73M - $3.34M) | 7,730 - 9,450 euros ($9,110 - $11,130) | 718 - 878 euros ($846 - $1,035) |
| Portixol - Molinar | expat / coastal | 580,000 - 710,000 euros ($684,000 - $838,000) | 6,450 - 7,880 euros ($7,600 - $9,290) | 599 - 732 euros ($706 - $863) |
| Ciutat Antiga (Old Town) | walkable / heritage | 444,000 - 664,000 euros ($523,000 - $783,000) | 5,810 - 7,100 euros ($6,850 - $8,370) | 540 - 660 euros ($636 - $778) |
| Genova - Bonanova - Sant Agusti | views / residential | 667,000 - 815,000 euros ($786,000 - $961,000) | 5,560 - 6,800 euros ($6,550 - $8,010) | 517 - 632 euros ($609 - $745) |
| Santa Catalina - Son Armadans | expat / trendy | 482,000 - 589,000 euros ($568,000 - $694,000) | 5,360 - 6,550 euros ($6,320 - $7,720) | 498 - 609 euros ($587 - $717) |
| Son Ferriol - Sant Jordi | family / space | 530,000 - 648,000 euros ($625,000 - $764,000) | 4,420 - 5,400 euros ($5,210 - $6,370) | 411 - 502 euros ($484 - $592) |
| Es Forti - Son Cotoner - Son Dameto | family / commute | 398,000 - 486,000 euros ($469,000 - $573,000) | 4,190 - 5,120 euros ($4,940 - $6,030) | 389 - 475 euros ($458 - $559) |
| La Vileta - Son Rapinya | family / schools | 453,000 - 554,000 euros ($534,000 - $653,000) | 4,120 - 5,040 euros ($4,860 - $5,940) | 383 - 468 euros ($451 - $552) |
| Playa de Palma | coastal / value | 349,000 - 427,000 euros ($411,000 - $504,000) | 4,110 - 5,020 euros ($4,840 - $5,920) | 382 - 466 euros ($450 - $549) |
| Las Avenidas | central / commute | 286,000 - 350,000 euros ($337,000 - $412,000) | 3,370 - 4,110 euros ($3,970 - $4,850) | 313 - 382 euros ($369 - $450) |
| Rafal - Son Forteza | value / local | 272,000 - 332,000 euros ($321,000 - $392,000) | 3,200 - 3,910 euros ($3,770 - $4,600) | 297 - 363 euros ($350 - $427) |
| Llevant - La Soledat | entry / value | 211,000 - 257,000 euros ($248,000 - $303,000) | 2,810 - 3,430 euros ($3,310 - $4,050) | 261 - 319 euros ($307 - $376) |
How much more do you pay for properties in Palma de Mallorca when you include renovation work, taxes, and fees?
When buying a resale property in Palma de Mallorca in 2026, you should budget an additional 10% to 14% on top of the purchase price to cover taxes, fees, and potential renovation work.
If you buy a property around 200,000 dollars (approximately 170,000 euros) in Palma de Mallorca, expect to pay roughly 20,000 to 28,000 dollars (17,000 to 24,000 euros) in additional costs. This covers the 8% transfer tax (ITP), notary and registry fees, and potentially some light cosmetic updates to make the home move-in ready.
For a property around 500,000 dollars (approximately 424,000 euros), the additional costs typically range from 55,000 to 70,000 dollars (47,000 to 59,000 euros). At this price point, the transfer tax straddles the 8% and 9% brackets, and buyers often factor in more substantial renovation budgets for older apartments in established neighborhoods.
For a property around 1,000,000 dollars (approximately 849,000 euros), plan for additional costs of 100,000 to 140,000 dollars (85,000 to 119,000 euros). The transfer tax moves into the 10% bracket, professional fees increase proportionally, and luxury properties at this level often require high-end finishes or upgrades to match buyer expectations.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in Palma de Mallorca.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Palma de Mallorca
| Expense | Type | Estimated Cost Range and Details |
|---|---|---|
| Property Transfer Tax (ITP) | tax | 8% to 13% of purchase price (progressive brackets in the Balearic Islands). Up to 400,000 euros: 8%. From 400,000 to 600,000 euros: 9%. From 600,000 to 1,000,000 euros: 10%. From 1,000,000 to 2,000,000 euros: 12%. Above 2,000,000 euros: 13%. |
| Notary Fees | fee | 500 to 1,200 euros ($590 to $1,415). These fees cover the official documentation of the sale and are regulated by Spanish law. Higher-value transactions and more complex deeds cost more. |
| Property Registry | fee | 400 to 1,000 euros ($470 to $1,180). This registers your ownership officially in Spain's property registry. The fee scales with the property value but is capped by regulation. |
| Gestoria (Administrative Agent) | service | 300 to 800 euros ($350 to $945). A gestoria handles paperwork, tax filings, and coordination between parties. Most foreign buyers find this service essential for navigating Spanish bureaucracy. |
| Basic Refresh | renovation | 5,000 to 20,000 euros ($5,900 to $23,600). This covers painting, minor repairs, and cosmetic updates. Most older Palma apartments need at least some refreshing before moving in. |
| Full Renovation | renovation | 800 to 1,500 euros per sqm ($940 to $1,770 per sqm). For a complete overhaul including kitchen, bathrooms, flooring, and electrical systems. A 90 sqm apartment could cost 72,000 to 135,000 euros for full renovation. |
We made this infographic to show you how property prices in Spain compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Palma de Mallorca in 2026 with different budgets?
With 100,000 dollars (approximately 85,000 euros), there is essentially no realistic market for standard residential property in Palma de Mallorca in January 2026. At this budget, you might only find parking spaces, storage units, or highly distressed edge cases rather than actual homes.
With 200,000 dollars (approximately 170,000 euros), options remain extremely limited in Palma de Mallorca. You might find a very small studio of 25 to 30 sqm on the far periphery needing heavy renovation, an occasional cash-only unit with legal constraints, or properties just outside Palma proper. Most buyers at this level get pushed above this budget.
With 300,000 dollars (approximately 255,000 euros), you enter the true entry level for Palma de Mallorca. This budget could get you a one-bedroom apartment of 45 to 55 sqm in Llevant or La Soledat in basic condition, a small one to two bedroom unit of 50 to 60 sqm in Rafal-Son Forteza in an older building, or a compact one-bedroom of 45 to 55 sqm on the fringes of Las Avenidas needing some updates.
With 500,000 dollars (approximately 424,000 euros), you reach normal buyer territory in Palma de Mallorca. This could buy you a two-bedroom apartment of 75 to 90 sqm in Las Avenidas in decent condition, a two to three bedroom unit of 85 to 100 sqm in Es Forti or Son Dameto suitable for families, or a two-bedroom of about 80 sqm in Playa de Palma in a good building near the coast.
With 1,000,000 dollars (approximately 849,000 euros), you can access prime areas in Palma de Mallorca. Options include a renovated two to three bedroom apartment of 90 to 110 sqm in trendy Santa Catalina, a high-quality two to three bedroom of 90 to 120 sqm in the Old Town in a renovated historic building, or a townhouse of 120 to 160 sqm in hillside neighborhoods like Genova or Bonanova.
With 2,000,000 dollars (approximately 1,700,000 euros), luxury becomes accessible in Palma de Mallorca. This budget opens doors to a penthouse of 120 to 160 sqm with a terrace in Portixol-Molinar with high-end finishes, a detached villa of 220 to 320 sqm in Bonanova or Sant Agusti with views, or an entry-level Son Vida villa of 200 to 280 sqm that may need some upgrades.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Palma de Mallorca.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Palma de Mallorca, we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Colegio de Registradores (Spain) | It's an official registry-based dataset built from real transactions recorded in Spain's property registries. | We used the ERI to anchor closed-price reality in euros per sqm for Palma and to calibrate the gap between listings and transactions. We also used it to justify market drivers like foreign demand in the Balearics. |
| idealista (Palma de Mallorca index) | It's the best-known Spanish property portal index, publishing a transparent time series and neighborhood breakdowns. | We used idealista for what buyers actually see in asking prices by neighborhood and over time. We also used its historical series to quantify one-year and ten-year changes consistently. |
| European Central Bank (ECB) | It's the official daily reference exchange rate published by the euro area's central bank. | We used the ECB rate to convert euro amounts into dollars with a single consistent date close to January 2026. We kept conversions simple and rounded so the article stays easy to read. |
| FRED (St. Louis Fed) | It's a widely used public data portal that republishes official inflation series with clean downloadable tables. | We used HICP to inflation-correct comparisons between ten years ago versus now and one year ago versus now. We used monthly index values to compute simple percent inflation over the periods we reference. |
| BOE (Spain Official Gazette) | It's the official legal text as consolidated and published by Spain's government gazette. | We used the exact tax brackets to estimate realistic all-in purchase costs for resale homes in Palma (ITP). We turned the legal brackets into buyer-friendly percentage ranges and examples. |
| Tinsa (Spain) | Tinsa is a long-standing Spanish valuation firm, and its materials are widely referenced in housing-market analysis. | We used Tinsa as a triangulation point that the market is still in a high-price cycle and that neighborhood-level dispersion is normal in Palma. We treated it as context rather than the single source of truth. |
| idealista (Historical prices) | It provides a long-term historical price series that allows consistent year-over-year and decade-over-decade comparisons. | We used the historical data to calculate the 175% nominal price increase over ten years. We also cross-referenced it with inflation data to provide real price growth figures. |
| INE (Instituto Nacional de Estadistica) | It's Spain's official national statistics institute providing authoritative demographic and economic data. | We used INE data to understand population trends and housing stock characteristics in Palma de Mallorca. We referenced it for contextual information about the local market. |
| Spanish Ministry of Transport and Housing | It publishes official housing statistics and policy information for all Spanish regions. | We cross-referenced ministry data with registry statistics to validate price trends. We used it to understand broader national housing market context. |
| Consejo General del Notariado | The notarial council publishes transaction data based on actual property sales processed through notaries. | We used notarial data to validate transaction volumes and price trends. We cross-checked it against registry data for consistency. |
| Fotocasa | It's another major Spanish property portal that provides an alternative listing price index. | We used Fotocasa as a secondary source to triangulate idealista asking prices. We compared both portals to ensure our price estimates were balanced. |
| Bank of Spain | Spain's central bank publishes financial stability reports including housing market analysis. | We referenced Bank of Spain reports for mortgage market conditions affecting Palma buyers. We used their data to understand financing constraints on transaction prices. |
| Spanish Cadastre | It's the official property registry with data on building characteristics and cadastral values. | We used cadastral data to understand typical property sizes in different Palma neighborhoods. We referenced it for building age and typology information. |
| Eurostat | The EU's statistical office provides harmonized data for cross-country comparisons. | We used Eurostat's HICP data via FRED to inflation-adjust our price comparisons. We ensured our methodology aligns with European statistical standards. |
| Government of the Balearic Islands | The regional government publishes local housing policies and market regulations. | We referenced regional government sources for local tax rates and housing regulations. We used their data to understand Balearic-specific market conditions. |
| Ajuntament de Palma | Palma's municipal government provides local urban planning and housing information. | We used municipal data to understand neighborhood boundaries and local development plans. We referenced it for context on housing supply constraints. |
| API (Real Estate Agents Association) | Professional real estate associations provide market insights from practitioners on the ground. | We consulted API market reports for practical insights on negotiation patterns. We used their data to estimate the gap between listing and closed prices. |
| BBVA Research | Major Spanish banks publish housing market research with proprietary transaction data. | We referenced BBVA research for additional perspective on price trends. We used their analysis to validate our market momentum estimates. |
| CaixaBank Research | Another major Spanish bank providing detailed housing market analysis. | We used CaixaBank research to cross-reference regional price variations. We consulted their reports for foreign buyer demand statistics. |
| Kyero | An English-language Spanish property portal popular with international buyers. | We used Kyero to understand what international buyers see in the Palma market. We referenced their listings to validate luxury price ranges. |
| Pisos.com | Another established Spanish property portal providing listing data. | We used Pisos.com as an additional source to validate neighborhood price differentials. We cross-checked listing volumes with other portals. |
| Global Property Guide | An international property investment resource providing cross-market comparisons. | We referenced Global Property Guide for context on how Palma compares internationally. We used their rental yield data to understand investor perspectives. |
| Numbeo | A crowd-sourced cost of living database that includes property price indicators. | We used Numbeo as a sanity check on our price per sqm estimates. We referenced it for additional neighborhood-level price context. |
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