The year of 2012 seems to be ending on a high note as all real estate agents and companies are rounding up their sales and making their reports. So has it been a good year or a bad year? Read below to find out.
2012 seems to not have been such a disaster as financial experts originally predicted. On the entire island there were 683 property sales in October alone, which represents a 30% increase from the same interval in the previous year. In August too there was an increase from 2011, but it was valued at just 9%. This makes the Balearics the second most attractive place in Spain from a real estate point of view after the Castilla La Mancha region on the mainland.
Overall, there has been a 14% drop in house prices in the 3rd quarter since 2011 while new house prices fell 13.6%. The latter correspond to a whopping 56.2% of the volume of sales, indicating that the Mallorca new property market is still more dynamic than the market for second hand homes. These have had their prices fall by 16.4% which corresponds to 43.7% of the market in October 2012.
An interesting development is the fact that the number of farms that have been sold on the Mallorca real estate market has increased by 20.5% since the same period in 2011.