Average price of homes in the Balearics fell over five per cent in December
The price increase for the whole year matched the national average
The average price in the Balearics remains the highest in Spain | Photo: Miquel À. Cañellas
Palma08/02/2023 08:00
Figures from Spain's notaries suggest that there is a cooling of the property market in the Balearics. In December, there was a 31% decrease in the sale of homes, while the average price per property was down 5.6%.
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Wasn't there just an article about prices rising in January and everyone is rich? Seems like there's a disconnect between the 2 articles.
Christopher Grubb... or more likely, it's already at the top of the market, and there's nowhere it can go but down. If it actually were the threat you refer to, then there would more likely be a buying spree right now. But it's unlikely to happen anyway, and even if it did, the newly elected government would abolish it straight away.
A drop in real estate transactions should be no surprise given the bombshell threat of a ban on property sales to non residents that was issued by certain misguided minority political parties in October/November 2022. If this threat actually comes to pass, after the elections, then the prices for property market will surely dip dramatically, especially in the market segment for the types of properties usually favoured by non residents. Anybody buying now would be extremely foolhardy/naive to do so before the election hopefully resolves this uncertainty hanging over the property market.