British Still Top Buyers in Mallorca Real Estate Market

mallorca-propertyWith property sales in Mallorca recovering better than in other places in Spain, the real estate market is now looking to new investors that will bring the end of this financial crisis nearer. While other places in Spain struggle to get the drop in prices for real estate to return to previous values, the property in Mallorca in particular seems to be faring better.

Not only have prices kept a minimum drop in prices but there are still people looking to buy what few offers there exist on the island. Recent research done by local real estate agencies confirm that while the Germans own the most property, the majority of new buyers is now British.

Could this be a sign that the British economy is reviving? The answer to that question might not yet be known but what is certain is that Brits continue to buy property all over Spain. Last year, from all transactions made on the Spanish real estate market, one quarter were made by British citizens.

This particular factor is important for the Mallorca real estate market, because if this diversification of the market continues, specialists consider it could bring about more sales and thus bring some much needed increase to the market. If not for the entire economy, maybe just for the Balearic islands.

In any case, the Balearics, together with the Canary islands, are the only places in Spain with the lowest decrease in prices for property, just 2.5%, as opposed to the 6.4% drop registered in other more developed places in the country that rely more on local economy rather than on tourism.

 

British Still Top Buyers in Mallorca

With property sales in Mallorca recovering better than in other places in Spain, the real estate market is now looking to new investors that will bring the end of this financial crisis nearer. While other places in Spain struggle to get the drop in prices for real estate to return to previous values, the property in the Balearic islands, and Mallorca in particular seems to be faring better.

Not only have prices kept a minimum drop in prices but there are still people looking to buy what few offers there exist on the island. Recent research done by local real estate agencies confirm that while the Germans own the most property, the majority of new buyers is now British.

Could this be a sign that the British economy is reviving? The answer to that question might not yet be known but what is certain is that Brits continue to buy property all over Spain. Last year, from all transactions made on the Spanish real estate market, one quarter were made by British citizens.

This particular factor is important for the Mallorca real estate market, because if this diversification of the market continues, specialists consider it could bring about more sales and thus bring some much needed increase to the market. If not for the entire economy, maybe just for the Balearic islands.

In any case, the Balearics, together with the Canary islands, are the only places in Spain with the lowest decrease in prices for property, just 2.5%, as opposed to the 6.4% drop registered in other more developed places in the country that rely more on local economy rather than on tourism.

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