The fall in house sales in the Balearics has left a hole in the government's 2023 accounts.
Fall in house sales leaves Balearic government short
There's a hole in the 2023 accounts
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It's the usual business. They want the revenue but complaining about foreigners buying up the properties. I assume that's where most of the revenue is coming from. The more expensive, the more into the kitty, but somehow that doesn't register with the government.
HanserYou may not be aware of it, but there are actually other nationalities that buy property here. In fact, orders of magnitude more. Furthermore, the pound isn't a currency most of the world uses, so that's not really a factor. Lastly, if you rely solely on the MDB to evaluate the state of the property market here, you might be surprised to discover how broad their narratives are. Just a few weeks ago, it was booming. And in a few more weeks it'll be booming again. Then bust again Yet the reality on the ground is pretty much the same. It goes up and down, but the overall trend is up or even. And it depends on whether you count the other 85% of buyers, or just Brits. British buyers have been in decline since Brexit.
It would be interesting to see hard figures for sales and purchases by UK owners. It feels like the final generation of ex-pats are dying off and not being replaced. Meanwhile, the 90-day rule and weak Pound make buying an EU property unattractive for retirees.
The new government promised to remove the wealth tax, they have broken this promise by only making an adjustment. People buy in Mallorca using finance to avoid this aggressive tax. When the interest rates are high they don't buy and pay the tax
No excuse for such a forecast mistake. You really have to question their forecast, why on earth did they think that property tax collection in 2023 would match 2022?? Surely blind freddy would have warned the government forecaster that sky high interest rates in 2023 would lead to fewer property transactions and most likely lower prices!!