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Mallorca

Mallorca is Favourite for Foreign Property Investors

According to official figures from the Land Registry, foreigners bought 2,400 properties in Mallorca last year.  That’s 30.7% of the total number of sales recorded on the Island (7,726) versus a national average of 11%.  Meanwhile the high end continues to dominate with 15% of those purchases relating to property valued higher than 500,000 euros – this compares to just 5% for the rest of Spain, with no other region even managing 10%.    

Overseas investor appetite has been growing strongly since 2012 and most luxury house buyers are of German nationality – 36% of last year’s foreign purchases were by Germans.  The Brits come in second with 18% of purchases, followed by a mixture of Swedish, French, Italian and Swiss and, little by little, Russian, Dutch and Austrians.  It is said that red tape and legal constraints prevent Russians from buying more homes, something they would like to do.

Thanks to this foreign investment, the Balearics rank amongst a select three Spanish regions where house prices have actually risen over the past year.  The Islands are also fortunate not to have a surplus of unsold stock which continues to stall recovery in much of the mainland.

Daniel de Chavarría Waschke, Managing Director of Mallorca Sotheby's International Realty, said, “Put simply, Mallorca is a wonderful place in which to own a home.  Building regulations have been tight for years and a large chunk of the land is construction-free or UNESCO-protected.  The other regions like to talk-up their markets, but the Balearics is the only one that can prove that a melting pot of nationalities has kept the property market busy and buoyant.  It’s a pleasure to be conducting business here.”