Majorca Property News

Property Mallorca: in Majorca soon will be built more

The crisis in the Balearic property sector seems to go away slowly. Not only that more apartments will be bought back, soon to again rise to new homes.


The real estate market in the Balearics moves slowly again. The recent sales were set in July, leading to the current housing backlog is slowly diminishing. Overall, in the period around 1000 flats were bought, which means an increase of 8.6 percent over the previous year.

547 homes are new construction and 454 are from existing homes. In particular, the marketing of new homes rated the developer as an important signal. It is this the second highest sales rate this year. And despite the increase in VAT in Spain. This could obviously do not disturb the growing demand.
Overall, the positive tendency in this year far greater than generally expected, said the chairman of the Association of the Balearic property developers, Gabriel Oliver. They had expected that only about 3000 in Mallorca new apartments are sold and all the islands about 5,000 Because the numbers are now much higher, so does the inventory of vacant homes decreased more than expected.

The developers expect that the end of the year in Mallorca about 3,800 homes are still not sold. Increased demand will also mean that at least from the second quarter of next year, again new homes are built.
Currently, the construction of new homes is virtually paralyzed. This is partly because the banks are extremely cautious about lending. However, the current vacancy rate is projected to all be sold, so that would also once again a demand in the construction of new dwellings.

Number of homes sold has increased significantlyBut in July of this year could be listed on the Balearic island of Majorca, the sale of about 1001 homes. This positive development is an increase of about 7.9 percent over the previous year. In general, the Spanish property market has recorded a sales increase this month.Thus, the sales increased nationally by about 16.4 percent. Spain is the number of sold homes was the way some 43 838 homes. 51 percent of the sold properties represented by the way new buildings dar. The general trend change is not limited only to the number of sold properties. Also, sales of state-owned real estate industry had seen a significant growth.Contrary to the trend of the last two years, namely a clear downward movement of the c, one could compare in July this year, an increase in sales, with the figures of the previous year to about 2.1 percent recorded. Spain is the leader in the field of real estate sales is the way La Rioja sell around 227 homes. Then follow Cantabria, Aragon, Valencia, Castilla-La Mancha, Murcia, Castile, Leon, and Galicia Exemadura each with 164, 151, 140, 136, 132, 121, 121 and 119 sales. In view of Madrid, Andalusia and the Balearic Islands could however simply say to below-average sales.