Property market

Jason Moore28/12/2016 00:00

The Balearic property market has not only recovered, it looks on course to set new records. This is my verdict on a series of surveys which have emerged over recent weeks which state that the housing market is now back to its 2007 levels, the start of the recession. Not even the Brexit mess has dented British demand for properties on the islands but prices are rising fast.

I was talking to the owner of a real estate company the other day and he stated that there was now a shortage of rental properties in central Palma. This is an amazing transformation when you consider that barely five years ago there were For Sale or For Rent signs on many properties across the main areas of the city. The property boom is great news for the local economy and also it underlines the fact that these islands have a global appeal because there are buyers of all nationalities heading to our shores.

A big demand for properties will also lead to more winter flights. In the case of Majorca there are now more flights during the low season from Britain, a trend which is set to continue with the local authorities continuing to promote winter tourism. I do not think that anyone who lives or spends time on this island will be surprised by the property boom. Majorca has something for everyone of all nationalities. Roll on 2017, Majorca is back on top as one of the most sought after places to live in the world. Not a bad claim to fame for small island.

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3 comments

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David | over 7 years ago

I think S is correct. Another factor is not financial. The island is being ruined by over development. This is not the oasis it once was.

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B & A Kirkland | over 7 years ago

Looking at bank repossesions in Mallorca .quality low price.

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S. | over 7 years ago

Whereas I appreciate that PALMA CITY is experiencing an increase in property values, and rented requirements . The Urbanisations in the rest of the Island, are showing for sale and for rent signs. Many of my friends and their families are leaving Mallorca. Several had self employed businesses. Their reasons are that the fall in the exchange rate, the Tourist Tax, All Inclusive Hotel Tariffs ,and the forthcoming uncertainty of the so termed Brexit affecting the Baleares. Also I have friends returning to the UK, from mainland Spain, for similar reasons..

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