Balearics lead the way for Spanish property sales
Official figures from the Land Registry out this month show that in 2013 the Balearics had the highest number of property sales to foreign investors in Spain, as well as the highest number of sales over half a million euros.
Daniel Chavarria Waschke, Managing Director of Balearics Sotheby's International Realty, with offices in Mallorca and Ibiza, told ExpatsRadio: “In 2013, some 30.73% of house sales in the Balearics were attributed to foreigners, significantly higher than say Andalucia at 12.35% or Catalunya at 11.54%. Meanwhile, 14.34% of those sales to overseas buyers were for properties over half a million euros. This compares to just 7.43% in Andalucia and 6.57% in Catalunya. 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.”
British, Russian, Swiss, Scandinavian and, to a lesser extent, Germans, were the main nationalities represented in the Balearic property market in 2013, with 83.4% of foreign purchases coming from those within the EU, with the remaining 16.52% coming from non-EU countries, with Russia in the lead. The areas of most interest are all within Mallorc - namely Port Andratx in the southwest, Deia and Port Soller in the west, Pollenca in the north and Arta and Capdepera in the east.
“Put simply, the Balearics are a wonderful place to own a home,” adds Daniel. “Building regulations have been tight for years, a large chunk of the land is construction-free or UNESCO-protected such as Mallorca’s Sierra Tramuntana, Ibiza’s High Town and the Island of Formentera. We have 26 golf courses, the most Blue Flag beaches and marinas in Spain, amazing cuisine and culture, and incredible scenery characterised by high mountain ranges and turquoise blue seas.
“I also suspect that the new Golden Visa law which came into place last year has helped to bump up the number of sales over half a million euros, as this is the exact threshold that foreign investors must exceed in order to qualify for residency status, amongst other fairly straightforward criteria.”
In related news, the Balearics has also been named the region with the highest percentage of registered foreign residents in Spain, with 18.3% of the population as at 1 January 2014, according to the National Institute of Statistics.