Its not pretty and the area is colourful, but for 17,500€ you get a 70m2, 2 bed apartment in the centre of Palma. That cant be bad and works out at about 250€/pm2. Considering the average price in Palma is about 1,800€/pm2 it looks an absolute bargain.
For the rural type
A 20m2 stone shed in a field in Petra. It comes with 1100m2 of land, a toilet and a stream!
At 21,000€ this is very cheap.