Spanish property market recovery is being led by the Balearic Islands, with foreign buyers providing the catalyst both in Mallorca and Ibiza. The Spanish Infrastructure Authority announced that more than 40% of property purchases on the Islands in the second quarter of 2015 were made by overseas buyers.
Figures from the Ministry of Development show that property transactions in the Balearics this year are up more than 30% over the same period in 2014, and increased by 13.9% versus the first three months of the year.
Alejandra Vanoli, Managing Director of Mallorca Sotheby’s International Realty, says: “This is great news for the property market in the Balearics, and certainly reflects what we are seeing in Mallorca. The figures represent the second best quarter of growth in the past five years, and overseas buyers are a hugely important part of the picture. They drive the local market both in resales and new properties, and overseas transactions have provided much more liquidity in property in recent years.”
Alejandra’s Ibiza counterpart, Glynn Evans, Managing Director ofIbiza Sotheby’s International Realty, adds: “There is no doubt that overseas buyers are driving the property market across Spain, and in particular in the Balearics. National Spanish newspaper, El Pais, has highlighted Ibiza as an example of this and said that up to 50% of property buyers on the island are from overseas, which is indicative of our experience in the market. These are exciting times for property in the two islands.”
Statistics quoted in the German-language Mallorca Zeitung show that overseas buyers are attracted to the higher end of the property market, spending almost 30% more than the average purchase price on Mallorca and Ibiza, and are, no doubt, determined to secure the best properties they can. However, British buyers are still the most numerous across Spain, making up more than 15% of the national market, with French, Russian, German and Belgian buyers increasing alongside.
Palma International Airport saw 2.1% more passengers than the same period last year, with Germany the most popular starting point, while Ibiza Airport increased passenger numbers by an incredible 8.7%. Additionally, the Balearic Ports Authority has announced a massive 20% year-on-year increase in cruise ship passengers coming into Palma during the first half of 2015.
Modern Palace Penthouse, Palma, Mallorca
“I love the versatility of this wonderful penthouse apartment in Palma – it could be a full-time family home, a weekend getaway, a great place to entertain business contacts or even a profitable investment. There is plenty of space for family living with spacious rooms and a rooftop swimming pool with stunning City views. For the weekend traveller it is centrally located while business clients and potential rental guests will be impressed with the minimalist style, the shared on-site gym and sauna, and independent guest accommodation,” commented Alejandra Vanoli.
Six bedrooms, eight bathrooms. Built area 630m². Price €4.99 million (approx £3.69 million). Contact Mallorca Sotheby’s International Realty at firstname.lastname@example.org or visit www.mallorca-sothebysrealty.com.
Hilltop Villa, San Miguel, Ibiza
“For me, this villa stands out for its location and position. True, there are many beautiful properties in the rustic north of the Island, but with this stunning setting, you feel like you’re on top of the world with wonderful views across the neighbouring valleys towards the sea yet an easy 20 minute easy drive straight down to Ibiza Town,” explained Glynn Evans.
Four bedrooms, three bathrooms. Built area 366m², plot size 25,000m²
Price €3.75 million (approx. £ 2.77 million)