You would have thought that the drop in the value of sterling against the euro and the uncertainty over Brexit would have hit home sales in the Balearics. It would have been quite normal if it did because after all buying a home is a big investment. But the merchants of doom and gloom were not taking into account the love affair that the British have with these islands. Official figures released yesterday showed that the British were the biggest foreign buyers of property in the islands during the first quarter of this year, accounting for 15 per cent of the total number of sales.
This is amazing when you take into account that the Germans only accounted for seven per cent of the total. The British have always loved the Balearics; it is a relationship which has endured many hard times and it appears that it is even enduring Brexit. Granted that there have been a number of British people who have left the island and headed back to the United Kingdom, for a variety of reasons from the cost of living and education to fears over Brexit. But their place is being taken by new arrivals.
Estate agents agree that owning a property on the islands is always a good investment. This is not new, this is a trend which has continued over many years. The problems of Brexit will lead to further problems ahead but it appears that nothing is going to stop the love affair with Majorca and the other Balearic Islands. And long may it continue.