Record prices

HOUSE prices in the Balearic Islands last month broke all records for February.

According to online property portal Fotocasa, prices on the islands have increased by 20 per cent each year to a whopping €3,466 per square metre, while rent costs rose by 26 per cent to more than €15 per square metre.

Fotocasa director of studies Ana Mato told a local news outlet that the company has “never detected such a large price increase in such a short period of time.”

Mato added that the increase in house prices was the second highest on the website’s records, only surpassed by the 20.4 per cent increase in May 2006 - when the housing bubble