Petra, in the centre of Mallorca, is the cheapest municipality in the Balearic Islands to buy a home, according to Idealista’s report for the second quarter of 2026. But at €2,502 per square metre, it is still far more expensive than much of mainland Spain.
The islands’ cheapest
Idealista’s figures are based on asking prices. Petra’s average of €2,502/m² is the lowest in Mallorca, Menorca, Ibiza or Formentera — but a 90 m² home there would still cost about €225,000 at that rate.
Spain’s cheapest towns
At the other end of the scale are small inland towns where prices fall below €400/m²:
| Town | Price per m² |
|---|---|
| Fuente Obejuna (Córdoba) | €369 |
| Pedro Muñoz (Ciudad Real) | €377 |
| Petra (Mallorca) | €2,502 |
Petra is more than six times as expensive as Fuente Obejuna. In fact, among the cheapest towns in each region of Spain, only Llodio in Álava (€2,182/m²) comes anywhere close — and it is still cheaper than Petra.
Why the gap
The cheapest homes in Spain are concentrated in inland areas of Andalusia, Castilla-La Mancha, Castilla y León, Galicia, Extremadura and Murcia, where it is still possible to buy for under €600/m². These areas typically have:
- less tourist and second-home demand;
- lower average incomes;
- more available land and an ageing or shrinking population.
The Balearics are the opposite: demand from tourists, foreign buyers and investors, combined with limited land and strict planning rules, pushes prices up even in the least expensive towns.
Petra
Petra is a farming town in the Pla de Mallorca, best known as the birthplace of Fray Junípero Serra, the 18th-century Franciscan missionary who founded several missions in California. It is around 45 minutes from Palma by car, without a coastline, which helps explain why its prices remain below those of coastal and better-connected areas.
For first-time buyers on the island, the inland towns of the Pla and the Llevant remain the most realistic options — though even there, prices are well beyond what local wages can easily afford.
