Buoyant British could keep Balearics afloat

While the euro zone is gripped by fears of recession and economic down turn, it is business as usual with consumer confidence riding high and if the Balearics plays its cards right, the region could benefit greatly from the upbeat UK. With all the local focus on the 250'000 Germans the Balearics lost last year and the 40 per cent drop in the German property market, the fact that the British tourism market posted significant increases and that British house hunters are returning to the region are being ignored. Despite holiday sales picking up in the UK, local real estate agents have said that demand for property in Majorca is rising. While in areas like Calvia and Andratx, estate agents are finding it hard to keep up with the flood of property coming on to the market and even some of the banks are starting to call on mortgages and embargo properties, it is British clients who are buying. Fairline Pollensa's Russell Currie, who recently returned with his team from the London Boat Show, said yesterday “We had one of our best shows in London ever.” “We all worked bloody hard, but there is no shortage of money in the UK and people are still spending. “A lot of people appear to have had enough of the post September 11 misery and miserable weather and thought right, I am going to buy a boat and enjoy myself in Majorca this summer.” “The follow up from the show is also excellent. We got back on Sunday night and on Monday morning a client who saw us at the show, was on our doorstep in the port to buy a boat,” he added. He said that the property market in the north east of the island is also performing well with British punters, many who already own boats and are looking to move up to a larger model for the summer.