Is the Mallorca foreign property boom over? Sales slump by 28 percent in second quarter

31 percent fall in first quarter

Drop in home sales to foreigners.

Drop in home sales to foreigners.

Jason Moore13/09/2023 12:00
TW
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Property sales to foreigners slumped by 28 percent in the Balearics in the second quarter of the year, according to a report from the Balearic Association of National and International Real Estate Agents (ABINI) who said that they were deeply concerned by the fall.

This latest drop comes after a 31 percent fall in the first quarter. According to ABINI the reduction is even more concerning when you take into account that in areas like Valencia, property sales rose by nine percent. Overall in Spain the market declined by five percent. A total of 3,688 property transactions were carried out in the Balearics in the second part of the year, 1,120 involved foreigners.

"These latest figures following on from the fall in the first quarter are starting to become rather alarming because they paint a poor picture for the Balearic economy. If things continue we will be in unknown territory because for the last decade the foreign property market has always proved to be robust," said the President of ABINI, Hans Lenz.

Sixty percent of homes sales in the Balearics are to Germans, followed by the British on 11 percent, the Italians on 7.5 percent and the Swedes on 6 percent.

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