Balearic real estate market remains stable
No drop in prices for good locations in Majorca
Although the Spanish real estate market was unable to halt its downward trend in 2012, with losses of 10% according to the Spanish Statistical Office, INE, the number of properties sold in the Balearics in 2012 remained stable, with 7,850 transactions (excluding social housing). However, looking at the development of sales figures since 2007, we see that the real estate market in the Balearics has also dwindled to a fraction of its original volume.
Source: INE 2013; chart: www.porta-mallorquina.com
Jessica Jaeger, Managing Director of Porta Mallorquina Real Estate – one of the island’s biggest estate agencies – explains this development:
“When the real estate crisis broke out in 2008, the market was “paralysed with shock”. Everyone was ...