According to a recent report by the National Statistics Institute (INE), property sales in the Balearics grew by 32.3 per cent in August this year compared with the same month in 2011, reaching a total of 901 transactions. Meanwhile, nationwide, house sales in Spain increased by 3 per cent in August compared with the same month of 2011, reaching a total of 27,708 sales transactions, of which 49.8 per cent were for previously owned homes and 50.2 per cent were for new properties, helping put an end to a series of declines in sales over the last 17 months.
As one of the most popular Balearic Islands, Mallorca has seen an overall steady increase in property prices according to the Q3 2012 Spanish House Price Index report from Spain's largest English language property portal, Kyero.com, which highlights a consistent rise in asking prices from €420,000 in March 2011 to €467,500 in September 2012.
According to Marc Pritchard, Sales and Marketing Manager at Taylor Wimpey España, top properties in prime locations do sell at the right price in Mallorca and prices are stable on the island. He describes it as a resilient market with a good reputation.
Signs that the market is improving are starting to lift the confidence of prospective buyers, and when it comes to mortgages, further good news for people interested in the Spanish islands is that smaller deposits are required in markets such as the Balearics and Canary Islands, as they’ve been more stable over the last few years.
With mortgage rates from just over 3 per cent, and a stronger pound boosting the budgets of British buyers, it’s a good time to buy!
