Home purchases by foreigners exceeds 1,600 million in the Balearic Islands

During the last years the Balearic Islands have become a focus of foreign investment. And it is precisely the real estate market that has been mainly benefited from this practice. Last year the volume of transactions made by international buyers, of which the majority were European, exceeded 1.6 billion euros, setting a historic record. This figure also represents a 50% increase over the last years, proofing the good moment that the real estate market in the Balearic Islands is living. The forecast for 2017 and 2018 is even more positive, making possible to expect good foreign investment figures and good prices for the properties that are on sale in Mallorca.

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In addition, the data shared by Engel & Völkers and the Ministerio de Fomento also shows a rebound of the investment by Spanish citizens during the last year. The most demanded type of property is the luxury property and the main buyer is the foreigner. This report also shows that the southwest of Mallorca is the most demanded area, where transactions reached 740 million euros. Last but not least, it is evident that the average price of high standing properties sold last year grew a 21% from 1.7 million euros to 2.1 million euros.

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In 2017 and 2018 the Balearic Islands will continue being the focus of foreign and local investments for both- residential and commercial – purposes.

If you are looking for a property in Mallorca, do not hesitate to contact us by calling +34 616132763 or by sending an mail to info@privatepropertyconsulting.es.

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