Ibiza Town, the most expensive place for property in the Balearics.

20-05-2016Argui Escandon

The sale of housing in the Balearics has grown by 92% since 2014. This is according to the BBVA bank's latest real-estate report.

Last year, sales were up by over 22%, which was above the national average of 14%. The total number of transactions was 15,844, the highest since 2007. Of these, 37% involved foreign buyers.

In Spain as a whole there were 460,000 transactions. The level of foreign buying in the Balearics makes the region one of the most susceptible to any Brexit impact. UK buyers head the list of foreign buyers in Spain generally, and the Balearics have the third highest exposure to the UK market out of the country's regions.

The price of housing rose by 1.9% in Spain last year and by 1.4% in the Balearics. The highest prices were in Ibiza Town (2,868 euros per square metre), followed by Santa Eulalia del Rio and then Calvia (2,435 euros) in third. Under 2,000 euros were Palma and the other larger Majorcan municipalities - Inca, Llucmajor, Manacor and Marratxi.

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Henry James / Hace over 4 years

Local people will probably think that this is good news since property prices will drop back down to levels where they can afford to buy or at least rent property on their own island. It won't be such good news for those who have to sell since the bottom has fallen out of the pound but that's life,locals will be better of with affordable property.

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Beh / Hace over 4 years

What are the two other regions that have more exposure to the UK market than the Balearics?

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