New generation of Britons is booming in the Balearics

Staff reporter THE repercussions of vastly improved air links between the United Kingdom and the Balearics, in particular Majorca, and an increase in cash-rich Britons are continuing to be felt in the region. The number of professionals relocating to set up home in the Balearics preferring to commute to the United Kingdom to work during the week is continuing to rise with the latest growth market being the medical profession with a number of Harley Street dentists and physicians recently moving to the island. Their typical working week starts with the flight back to London early Monday, returning to Majorca on Thursday to continue on-line consultancy work from home in Majorca. But while the number of on-line professionals moving to and working from Majorca is continuing to rise, so too is the British business sector. A Spanish government report out this week reveals that Britons are starting new businesses at a faster rate than Spaniards and demand for retail and commercial properties in Majorca has risen sharply over the past eight to 12 months. From bars to dentists surgeries and shops, there is a huge level of demand while there is a small pocket of British developers looking for residential development land. According to Spanish government figures, Britons are now the biggest group of foreign nationals living in Spain, nine percent of the Spanish population are from abroad, and, while the country is still very attractive for couples looking to retire, an ever increasing number of young Britons are coming here to start a business and raise a family. However, the only draw back for some has been the rapidly rising prices in houses, the Bank of Spain claims that, on average, house prices rose by 10 percent last year, but this year the bank expects a slowdown in property prices which will make the country even more attractive to Britons.