The Spanish statistics office, INE, reports that 623 properties (excl. social housing) were sold in the Balearics in July 2013. This represents a year-on-year increase of 9%.
Impressive property in privileged situation close to Llucmajor
In total, notaries in Majorca, Ibiza and Minorca recorded 4,727 sales transactions in the private housing market during the first seven months of the year. This confirms the previous months’ increases: in total from January to July, 8.4% more properties were sold compared with last year. This means that the Mediterranean islands are significantly above the Spanish average – an increase of 4.9% during the same period.
The noticeable rise in demand is already having a slight impact on prices. According to the internationally known real estate evaluator, TINSA, prices for residential property in the Balearics have risen by around 2.9% in the current year. Thus the Canary Islands and the Balearics are the only regions in Spain to record a slight rise in prices.
The reason why the real estate markets in the Balearics and the Canary Islands cannot be compared with the mainland is that it isn’t only the Spanish themselves, but also investors from all over the world who are interested in good locations – for example in Majorca. Strict planning laws are keeping supply low in the sought-after coastal resorts and this too is having an impact on prices.
Real estate provider Porta Mallorquina can confirm this development:
“Although prices are still relatively stable, there is an upward trend which means that 2013 is definitely a good time to buy a vacational property,”
says Porta Mallorquina franchise partner, Barbara De Matos. Her sales region, the South, is currently showing the highest growth rates for sales, and is increasingly becoming an internationally sought-after property location.
For the estate agent, it is obvious why southern Majorca is becoming ever more popular:
“Southern Majorca was one of the last regions to be opened up, so we don’t have the eyesores of earlier years that spoiled the view. Thanks to the new motorway, links to the capital, Palma, and the airport have greatly improved. From Llucmajor, for example, you can get to the airport in around 20 minutes. In addition, Llucmajor itself has a good infrastructure all year round.”
The Portuguese native knows what she’s talking about. She moved to this little Majorcan town with her family a few years ago and one of her greatest pleasures is to stroll through the well-known market at the weekend, enjoying the unique atmosphere.