Property prices drop by three percent across the Balearics, says new survey

Palma.—It has never been a better time to buy property in the Balearics with the pound  sterling continuing to power ahead against the euro and property prices remaining low, according to local estate agents.
A survey yesterday indicated that property prices fell by three percent in the second quarter of the year in the Balearics but the islands continue to outpace the rest of the country with the fall more pronounced on the mainland.
But since the start of the economic slowdown in 2007, property prices have fallen across the islands by 31 percent, according to official figures. The nationwide figure stands at 40 percent.
The Balearics continues to be one of the most sought out places  to live in the country.  Local estate agents have told the Bulletin that British buyers have started to  return in force helped by stronger sterling. The north of the island is proving to be exceptionally popular along with the Calvia and Andratx areas.