Palma.—There were 654 transactions registered in June this year in the Islands, whilst across the country as a whole during the same month, the 28'612 transactions were a 22.9 percent drop in comparison with June 2010.

The National Institute of Statistics (INE) confirmed yesterday that 52.15 percent of the property which changed hands in the Balearics in June was second hand and the remainder related to new homes. The corresponding figures for Spain as a whole were 51.3 and 48.7 percent.

The private sector accounted for 92 percent of transactions in the Balearics and 86.3 percent for the whole of the country. The figures for the Balearics in June, said the INE, were also a downturn on the number of property transactions in the Islands registered in the previous month of May when 702 homes changed hands, 6.8 percent more.

With the exception of the upturn in the movement of the property market in May, figures for June this year, said the INE, continued the year-on-year downward trend which had begun in March. The move follows a surge in the market at the end of last year when buyers and sellers were making the most of remaining property tax allowances.

More than 60 percent of property transactions registered in June this year were attributed to buying and selling in just 4 regions: Andalucia, Valencia, Catalonia and Madrid.

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