Property

Balearics had highest increase in property sales in 2015

2016-03-10 00:00:00 Palma By Majorca Daily Bulletin reporter

Despite the increases, nationwide sales in 2015 were still over 50% lower than in 2006.
16-03-2005Ultima Hora

Yet more positive news regarding the Balearic property market to follow the report in the Bulletin of strong sales in January. The national ministry for development has published information for property sales in 2015 and this shows that the highest percentage rise in the country was that of the Balearics. The islands' 17.4% growth was above that of the Basque Country's 17% and Cantabria's 16.6%.

Nationwide the growth was just shy of 10%, with more than 400,000 transactions having been completed, which was the highest number since 2010. This annual rise was not, however, as strong as the 21.6% growth in 2014 which followed the fall in 2013.
Performance is, though, still well off pre-crisis levels. The 2015 sales were over 50% lower than in 2006. The ministry has kept its own figures since 2004, and they show annual increases until 2007 when there was a fall of 12.3%. The highest decline was the following year when sales were down by more than 30% nationwide.

Overseas buyers continue to play an important part in the property market. In the final quarter of last year, the total of transactions was just over 109,000, of which more than 19,000 involved foreign purchases. The Balearics, reflecting a lower European market, was fourth in this respect. The Alicante province with 3,910 had the highest number of foreign purchases between October and December, followed by Malaga on the Costa del Sol with 2,377 and Barcelona in 1,621. The Balearic figure was 1,426, twenty more than in Madrid.

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