Mission Statement: to assist the integration of foreign residents living in Spain
By Aurelia Munoz •
Updated: 14 Nov 2024 • 19:14 • 1 minute read
According to data from the Agencia Tributaria, the average annual salary in the Balearic Islands in 2023 was €23,126, reflecting a 6.25 per cent increase from 2022. However, this figure remains below the national average of €23,981.
When broken down by age, salaries for those aged 18 to 35 are higher in the Balearic Islands than in the rest of Spain. From age 36 onward, however, Balearic salaries fall behind, with the largest gap found among those over 65, who earn up to €1,600 euros less per year than their counterparts elsewhere.
Madrid led in average salaries by region, with €30,769 per year, while Extremadura had the lowest at €18,344.
Although banking and insurance is the highest-earning sector in the Balearic Islands, salaries in this sector still trail behind the national average.
Baleares: highest avarage house prices
Despite lower average salaries, the Balearic Islands saw the highest average house prices in the third quarter of 2023 among all autonomous communities, with the steepest rise in housing costs, as reported by the Association of Property Registrars.
Although Spain reached a record level of employment last summer, rising house prices, inflation, and stagnant wages remain major concerns for residents of the Balearic Islands.
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