Spanish Property Market Recovery is Being Led by the Balearic Islands

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More positive news, this time from the Balearic Islands, show that the Spanish property market is well on the road to recovery.

The Spanish Infrastructure Authority has just announced that more than 40% of property purchases on the Islands in the second quarter of 2015 were made by overseas buyers.

The latest statistics from the Ministry of Development show that property transactions in the Balearics this year are up more than 30% over the same period last year and increased by 13.9% versus the first three months of this year.

Alejandra Vanoli, Managing Director of Mallorca Sotheby’s International Realty, says “This is great news for the property market in the Balearics, and certainly reflects what we are seeing in Mallorca. The figures represent the second best quarter of growth in the past five years, and overseas buyers are a hugely important part of the picture. They drive along the local market both in resales and new properties, and overseas transactions have provided much more liquidity in property in recent years”

Alejandra’s Ibiza counterpart, Glynn Evans, Managing Director of Ibiza Sotheby’s International Realty, adds, “There is no doubt that overseas buyers are driving the property market across Spain, and in particular in the Balearics. National Spanish newspaper El Pais has highlighted Ibiza as an example of this and said that up to 50% of property buyers on the island are from overseas, which is indicative of our experience in the market. These are exciting times for property in the Balearics.”

Overseas buyers are purchasing at the higher end of the property market, spending almost 30% more than the average purchase price on the Islands.

British buyers still lead the way when purchasing across Spain, making up more than 15% of the national market, with French, Russian, German and Belgian buyers increasing alongside.

However the number of German buyers is equal to the number of British buyers in the Balearic Islands.

These figures are release at the same time as statistics showing that a record number of travellers passed through the islands main international airports.

Palma International Airport saw 2.1% more passengers than the same period of last year and has hit a record high across the first eight months of this year. Ibiza’s airport saw an increase in users of 8.7%.

The Balearic Ports Authority also added to the positivity by announcing a massive 20% year-on-year increase in cruise ship passengers coming into Palma during the first half of 2015.

Find out more about purchasing a property in Spain here.

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