THE total value of property owned by foreign residents living in the Balearics is 296 million euros.
According to the latest report published by the Spanish Ministry for Housing yesterday, the value of property in foreign hands rose by 6.4 percent during the second quarter of last year - the period for which the latest data corresponds.
The reports also reveals that the quantity of new properties bought by foreign residents is relatively small.
Of the total 296 million euros, new properties account for just 74 million euros.
The Balearic real estate sector also handled 1'164 foreign property deals during the second quarter of last year and as an ever-increasing number of Northern Europeans are moving abroad, the Balearics is going to continue attracting foreigners searching for their home or second home in the sun.
However, the value of the foreign property bubble suggests that a high number of foreign residents are living in rented accommodation. The latest figures show that there are just over 190'000 non-Spanish residents living in the Balearics. According to the latest National Statistics Institute report, there is a total of 190.170 European Union and Non-European Union residents registered with their town halls and nearly 20'000 are British residents with the largest British community being in Calvia.
However, the British community is extremely well dispersed across the Balearics and is continuing to grow.
Spain is the top emigrate destination in the UK and the Balearics is one of the most popular relocation spots for permanent home owners and second home owners.
The low cost airline revolution has not only made it easier for holiday home owners to pop back and forth, it has also opened up the holiday home real estate industry to a much wider market.
What is more, the Balearic is becoming a very popular destination for the world's super rich. Not only does the region offer high quality luxury properties but also safety, services and the infrastructure which wealthy residents desire.