Natalie Cormack realised she did not have the keys to her room when she returned from work at a bar in the popular tourist resort of Magaluf.
She went to a friend’s apartment and tried to climb to her flat at the Eden Rock de Torrenova block when she fell.
An ambulance crew called to the scene at around 9.45am on Friday on Magaluf’s Martin Ros Garcia Street were unable to save her life.
A spokesman for the Guardia Civil at the Spanish island’s regional headquarters in Palma confirmed the teenager died following an incident in Magaluf on Friday morning.
He said: “She had come home from work and did not have her keys to get into her flat. She fell from quite a height as she tried to get in another way. We are investigating.”
Ms Cormack was originally from West Kilbride in North Ayrshire.
Her mother, Lynn McLaren, posted on Facebook alerting people to the tragedy.
Ms McLaren, from West Kilbride, wrote: “I am sorry to do things this way but have to let everyone know that Natálie has fallen from a balcony in Magaluf and has died. At the moment this is all we know.”
Gillian Chisholm, a friend of the family, replied online: “I don’t even want to imagine how you must be feeling Lynn because I am heartbroken for you.”
It is understood Ms Cormack travelled to Magaluf with friends last month, flying out from Glasgow Prestwick Airport on a working holiday on 27 March.
Only three weeks ago, she posted a series of photographs and videos on social media, describing how she was “having the best time of my life out here in Maga with the best people.”
One of the friends she was on holiday with urged other people not to attempt jumping from one balcony to another.
Courtnery Cameron, from Stevenston in North Ayrshire, wrote on Facebook: “Cannot stress to people enough to please not jump any balconies. This should be a massive wake up call.
“Speaking from experience when I forget my key I do it. Never again. As much as me and Natalie had fallen out, we came over here to have the experience of our life and I’m heartbroken. Besto for life.”
A group of Ms Cormack’s peers have since launched a JustGiving page to raise £5,000 for the family of their “sorely missed” friend.
A Foreign and Commonwealth Office spokesman said: “We are supporting the family of a British national following her death in Spain, and our staff are in contact with the Spanish and UK police regarding the incident.”