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.
Home sales
14/05/2016 00:00
Also in News
- Emergency declared on Ryanair flight bound for Palma from Dublin
- British tourists will be “tracked” while on holiday in Mallorca
- Mallorca ambassador Sir Bradley Wiggins has “lost” his Mallorca home
- Mallorca restaurants losing clients, tourists tighten their belts
- Mallorca hotelier - "I wouldn't go to a place where I perceived there to be animosity towards tourists"
No comments
To be able to write a comment, you have to be registered and logged in
Currently there are no comments.