Marratxi in the Raiguer region of Majorca, the largest of the Balearic Islands, has been revealed as the area with the highest average household net income.
The average household earned an impressive 49,827 euros per annum, equivalent to over £41,500.
By comparison, the median household disposable income in the UK for last year was £34,500 – a 2.5 percent decrease from the previous year.
With such a figure, Marratxi has overtaken Esporles, a mountain village in the Tramuntana mountain range in the western region of the Spanish island, which had the highest income the previous year, an average of 48,354 euros (£40,294).
The latest Atlas of Household Income Distribution prepared by the National Statistics Institute relates to the year 2022.
Over 37,000 people live across the urbanisation of Pont d’Inca, Pla de na Tesa, Sa Cabaneta and Portol, with its affluence appealing to locals seeking a larger and quieter residence than those that might be found in Palma. The main attraction for visitors its pottery fair and shopping outlets.
Talaiotic, Roman and Moorish archaeological remains have been discovered in this area, tying in with Majorca’s rich history. The Son Bonet Aerodrome is located in the vicinity, the first civil airfield on the island.
Third was Bunyola in the northwest with the local average household earning 48,257 euros (£40,293), followed by Valldemossa in the west (46,989 euros – £39,234) and Puigpunyent, located just 15 minutes west of Palma. Palma, the capital and largest city, was 12th with an average of 41,852 euros (£34,876).
Calvia, despite having some of the most luxurious and expensive mansions in the whole of Spain, was only 17th, with 39,912 euros (£33,325).
Andratx, another municipality known for its very expensive properties and one of the island’s most attractive destinations located on the southwest tip of the island, was 23rd with 38,198 euros (£31,894).
Some have described Majorca as one of the most expensive places to live in Spain. The Balearics have the highest demand for housing in the country, with the Mediterranean climate and natural environment making the archipelago highly desirable.
Only one in three foreigners who bought a home in the Balearics in 2023 were residents in the region, a new report by the Economic and Social Council (CES) of the Balearic Islands has revealed. This likely means the vast majority of these properties were purchased as a second home.
The cost of housing has been a major point of discontent among protesters in Majorca this year. Locals are seeing a huge jump in rental prices across the island, as the cost-of-living soars.
The price of rents in Palma, Majorca’s largest city and capital, has gone through the roof, with only 0.2 percent of properties available for less than 900 euros (£749) per month. In fact, there are no rental properties available for less than 600 euros (£499.35) per month, according to the real estate platform, Fotocasa.
A worryingly large number of people are now living on the streets in Palma, as growing numbers of working residents in Majorca cannot afford skyrocketing rents.
It was reported in July that increasing numbers of low-paid service workers, crucial to the tourism industry, have been forced to live in caravans and makeshift homes as a result of a rising cost of living and increased property prices.
