Everyone in the Mallorca property market, both owners and agencies, were looking for a ray of sunshine that would improve the standings on an overall decreasing market for several years, which have been connected with the economic crisis.
Now it would seem that some of the signs from the Mallorca real estate market are turning from negative to positive. One of the local valuation companies, Tinsa, is reporting that the property market in Mallorca, the Balearic Islands overall and the Canary Islands has increased in value from April last year to April this year.
Though not significant, the 3.3% increase is enough to blow some wind into the sails of Mallorca real estaters, especially when compared to the 10.5% decreased in value for property in the rest of the country.
The figures are also confirmed by other big players in the Mallorca property market, such as Sotheby’s International, which were already expressing their optimism starting from January of this year. The motivated this move because of the large percentage (over 80%) of buyers n Mallorca and Ibiza being of non-Spanish citizenship, from countries that were less affected by the crisis.
The general numbers, from December 2007 when the crisis first hit the property market until today are situated at around 37.2%, but most of the decrease is centered on the Mediterranean coast which has seen drops as much as 45.1%. In comparison, Mallorca and Ibiza have experienced only a 24.5% decrease in value in the last 5 years and with a more promising look on the short term.