Majorca Property News

Property market in Mallorca has recovered

The Spanish Ministry of Infrastructure has announced the latest figures on the development of the property market in the Balearic Islands.

Accordingly, in the second quarter of 2015 exchanged more than 3.300 properties in Mallorca the owner, as many as not for more than eight years. With more than 90 percent, were mainly existing homes sold in the Apartment-, flat and house sales. The number of new buildings sold was just over 300 pieces, however modest.

The average purchase price was for second hand property 220.000 €, in new buildings the average purchase price was on 330.000 €. The share of foreign property buyers was around 40 percent. These buyers group invested an average of 285.000 Euros in their real estate.

One recently published study by CRES are around 10 per cent of the property for sale in the south-west and about 6 percent of all proposed buildings in the southeast of the Balearic island.

Also, the price differential has a significant trend in this direction. In the southwest of the price per square meter is 5.040 €, in the southeast at 2.950 €. However, the prices vary within regions. So hotspots like Palma and Santanyi are in their regions well above the calculated average value.

In about half of the households offered an average level of equipment are to be assigned, 36 percent belong to the top segment facilities and a good 10 percent of all flats and houses are some of the luxury real estate; However, of these are above average number of objects in the southeast.