Cost of houses up 2%, but flat prices fall

Thu, 13 Apr 2017

House prices on the Isle of Man rose by 2% last year.

The Manx Government has published its first review into the housing market, finding the average price of a property to be £271,200.

The cost of a home in the Island is over 7.5 times to average Manx worker's salary.

However, the asking price for flats dropped by 15% to an average of £139,000 in 2016.

Just over 1700 locals have a mortgage, down by 105 compared with 2015.

The full details can be found on the Cabinet Office's website.