Spain Property News

Balearic sales up more than 30%

Property sales in the Balearics went up 32.3% year-on-year in August, according to a new report.
The National Statistics Institute’s (INE) data showed a total of 901 transactions made in August. 56% of these were for previously owned homes, representing a 61% increase year-on-year.
Nationwide, house sales in Spain increased by 3% in August compared to the same month last year, reaching a total of 27,708 transactions – the first time sales have risen since February 2011. This has been largely credited to the government’s decision to slash VAT on new homes by 50% until the end of the year.

Mallorca, one of the most popular Balearic islands, has seen a steady increase in property prices, according to the Q3 2012 Spanish House Price Index from property portal
Marc Pritchard, sales and marketing manager at Taylor Wimpey España, said: “"Top properties in prime locations do sell at the right price in Mallorca. Prices are stable on the island – it's a resilient market with a good reputation.

"One thing to note is that the German market is definitely back. We have certainly seen much more interest from German buyers - probably the strongest in 10 years - on Mallorca. Last month 21% of our sales came from German buyers."