Apartments in Palma, Mallorca

Year-on-year sales have fallen consistently in recent months. | Miquel À. Cañellas

Andrew EdePalma20/01/2024 09:51
TW
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Latest figures from the National Statistics Institute show that the sale of homes in the Balearics fell by 16.9% in November 2023 compared with the same month in 2022.

This decrease was greater than the national average of 15.1%. Despite this fall nationwide, there was a 2.1% increase compared with October.

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In nine regions of Spain, the November decrease was greater than the national figure, the greatest having been Extremadura (34.5%). The Balearics fall was slightly more than in Catalonia (16.3%) and Andalusia (15.4%).

Sales in the Balearics fell consistently in 2023, the consequence of three key factors - prices (which aren't coming down), the rise in interest rates, and tighter lending rules by banks.

While there has been a fall in the foreign-buying market, sales to foreign buyers are regularly around 30% of all monthly sales.