03/11/2000 00:00
The cost of new housing in the Balearics rose by nine percent from September 1999 to September 2'000, underlying the nightmare scenario faced by many young couples who are planning to buy their first house. The survey presented by the Economic Development Agency said that prices would continue to rise. The building freeze which is being introduced by the Balearic government is naturally helping fuel the property market. The local government is concerned that many young people will be unable to buy a home here. For this reason they plan to offer grants and low interest loans for those people who are unable to buy their own home. At the moment there are a large number of Britons and Germans hunting for homes on the island.
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