Home sales

New developments are being built and the backlog of unsold properties is finally being moved and sold. This is the state of the local property market which is back in top gear after the long recession. As we reported earlier this week property sales rose by 25 per cent in March and the market is continuing to grow thanks to British, German and Scandanavian buyers. It has taken the industry almost six years to get through and recover from the hard times but some real estate agents say that property prices are below their pre-recession levels. The fact that the real estate market is growing again is excellent news for the local economy and also underlines the fact that Majorca continues to be one of the most sought after places to live in the Mediterranean if not the world. So with a record tourism season on the horizon and a real estate market which has recovered, the island can look forward to a bright future: as long as the local authorities give these industries the support they deserve.