Strong growth in Balearic home sales despite a nationwide decline

This increase contrasts with a nationwide decline of 3% (a total of 32,417 sales), which made January the first month when there was a drop in house sales following a run of sixteen consecutive months when there was inter-annual growth. The market for new buildings was mainly responsible for this decline. Specifically, there was a fall of almost 30% in new-home transactions, down to 6,634. For used homes, there was a 6.6% increase.

While there was the 8% rise in January, the annual variation in the transfer of fincas showed less intensive growth. The total registered in January was 397 per 100,000 inhabitants in the Balearics.  

The growth in January sales reinforces positive data regarding the price of housing in the final quarter of 2015. The price in the Balearics was up by 7% over the same quarter of 2014, though it did fall slightly - by 0.4% - from the third quarter figure last year. By type of property, the price of new homes rose by 10% but dropped 1% compared with the third quarter, while used homes were 6.6% dearer than in 2014 (but 0.3% cheaper than between July and September 2015).

Across Spain, the average price of housing rose by 3% for the year as a whole, which was the highest increase since 2007 and represented the second consecutive year of growth. In the fourth quarter the nationwide rise was in the order of 4.2% compared with 2014, but there was also a slight drop over the third quarter.

The 7% rise in fourth quarter Balearic prices was matched by the Basque Country, but the highest percentage growth - 9% - was in Valencia.