Hunger for a home in the Balearic Islands has rebounded to levels not seen since before the crisis, according to recent figures from Spain’s National Statistics Institute.
An encouraging 10,605 property sales took place in 2015, the highest level since 2008 and an increase of almost 15 per cent year-on-year.
The same data showed an 11.1 per cent rise in property sales across Spain as a whole, highlighting once more the relative strength of the market in Mallorca and Ibiza.
A separate study by a leading Spanish property website revealed that while property prices across Spain declined by two per cent last year, in fact prices of Balearic property rose by 3.3 per cent, with some of the most popular tourist areas such as Andratx seeing hikes of up to eight per cent.
Welcome news is the announcement of new London Stansted, and a rush is on to book the no-frills seats before they run out. In fact, ABTA has urged any Brits wishing to book a holiday in Spain this summer to do so as soon as possible as current hotel allocations are nearing capacity and there is no guarantee more space will be available. This is also encouraging for home-owners who rent out their property.
Indicative of Mallorca’s popularity as an international tourist destination, the island is seeing a surge in new hotels. New openings for the 2016 summer season include two refurbished Meliá Hotels under the ‘Sol’ brand. In addition, five new luxury boutique hotels will be opened in Palma by 2017, bringing the number in the city to 23 and cementing its place as the European city with the most boutique properties.