The latest data shows overseas buyers are increasingly drawn to purchasing property in the Balearic Islands. We break down the data and uncover why this is.
Cala Figuera, Mallorca.
The Balearic islands consist of Majorca, Menorca, Ibiza and Formentera. They are a cluster of islands just off the coast of eastern mainland Spain. In terms of property, the Balearics have established a reputation for attracting famous faces to their shores, Catherine Zeta Jones and Rafa Nadal both own homes there. Mallorca has the most expensive property market, while there are more affordable choices in Menorca and Formentera. The Balearics boast of amazing beaches, magnificent mountains, a vibrant party scene, golf courses and Nadal’s tennis academy.
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What the latest data says
A new study published by the Spanish real estate specialists UCI, and reported on by the Majorca Daily Bulletin, revealed that 62% of property buyers in the Balearics are from overseas. Breaking down the figures further reveals that 38% of international buyers are German, 25% are British and 13% are American.
At a national level, the British are the biggest buyers of property in Spain. However, a combination of Brexit, the pandemic and strains on the cost-of-living have dampened our numbers. There was 17% fall in enquires from last year. German and Dutch buyers look to be catching up with Brits in their hunt for a Spanish home.
Brits are keen holidaymakers too
Palma-based travel booking company, TravelgateX has revealed an increase in the number of bookings. Comparing the same period last year to now (October 2023), they have had an increase of bookings of 39.8%. While the numbers are mainly made up of Spanish people seeking out a staycation, Brits make up 12.6%.
One of the reasons that UK holidaymakers flock to the Balearic islands in October is for a lovely dose of autumn sunshine. In October, the Balearic islands enjoy temperatures of 23 degrees with up to six hours of sunshine a day and an average of 64mm of rainfall. Come November, this warm weather does drop, with average temperatures falling to 18 degrees. But still, it is considerably warmer and sunnier than the UK, as night-time creeps up on us earlier and earlier in the day.
As a result of the kids going back to school and the slightly cooler temperatures, flights are also less expensive at this time of year. According to SkyScanner, you can get a last-minute return flight from London to Ibiza from €65.
Rental appeal
Moreover, if you are thinking of purchasing a second home and then renting it out to holidaymakers, the long holiday season in the Balearics makes this prospect all the more lucrative. You won’t just anticipate guests for June through to September, but for October too.
Buying a property in the Balearic islands
A luxurious penthouse for sale in Palma, €1,950,000. Click on the image to see more.
According to figures released by Eurostat, Spanish house prices rose by 2.1% quarter-on-quarter in September. This was well above the quarter-of-quarter growth rate of 0.1% in the rest of the Eurozone. In part, this is due to the strong demand from overseas buyers. Popular areas, including the Balearics, have a competitive housing market that is distinct from the rest of Spain.
On the Your Overseas Home property portal, we have an excellent choice of homes for sale in the Balearic islands. If you are seeking to build your own home there, then we have plots for sale for upwards of €65,000. Otherwise, the most affordable studios and small apartments start at €150,000. For a resale four-bedroom townhouse, you’ll need close to €300,000. Additionally, we have a brilliant selection of luxury, high-end properties for sale. Discover brand new villas boasting of six bedrooms or more, sea views, infinity pools, jacuzzi, lifts and gyms. Click here to get stuck into your search for an idyllic home on the Balearic islands.
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