Property

Significant decrease in Balearic property sales to foreigners

The price of property in the Balearics is way higher than other regions of Spain. | Archive

Majorca Daily Bulletin reporterPalma13/05/2019 17:49

According to the General Council of Notaries, the sale of properties to foreigners in Spain increased by 1.7% in the second half of 2018. There were 50,249 transactions, 18% of all sales, and the British headed the list of foreign buyers.

There was a drop of five per cent (to 44%) of sales to non-residents, while there was an increase in sales to foreign residents. The council says that the decrease confirms a previous decline in the non-resident sector.

British buyers accounted for 25.3% growth in foreign purchasing, followed by French (eight per cent) and German (7.5%).

By region, the Balearics showed the second steepest decline in sales - down 13.5%. In the Canaries the decrease was 15.3%. Asturias, with plus 29.1%, registered the highest percentage rise. The price of property was much higher in the Balearics than elsewhere. The average per square metre was 2,987 euros. Madrid was second with 2,254 euros. In the Canaries the average was 1,856.

Foreign property buying

Property

Significant decrease in Balearic property sales to foreigners

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