NEWS

The sale of dwellings rises 30,2% during 2016 in Baleares

30Jan

Derecho Inmobiliario y cuestiones Fiscales

The most important rate in España

The last details from the National Institute of Statistics (INE) shows that in the first eleven months of 2016 12.712 properties were sold in the Balearic Islands. This means, with respect to the details of the year 2015, an increase of 30,2% in the sale of homes in the region. Of these 12.712 properties 9.984 were second hand homes and 2.728 new dwellings. In relative values, the Balearic Islands is one of the regions that presents one of the highest rates of yearly variation in the number of purchase/sales of homes, being situated well above the Spanish average. On a national average, the purchase/sale of homes increased 17,3% with a total of 33.806 operations carried out until November 2016. This information shows a consolidation in the sector begining in 2015. However, it brings a secondary effect: the increase of the prices of purchase/sale. In 2016 the prices increased 7,5 % in comparision to last year. For 2017 a new increase of 6% is expected. On the other hand, the rentals are also on an upward trend.

Purchase for rental and foreign demand

Why this increase? The real estate sector points to two relevant reasons: the increase with the purchases for rental and the foreign demand. In fact, about 40% of the purchases are carried out by foreigners who have purchased a home in Baleares as second residency. Together with this, interest has increased to invest again in properties in the islands for their rental, a sector that is increasing and in great demand. In short:

  • 12.712 dwellings sold in the first eleven months of 2016.
  • The sale of dwellings in the island increased in 30,2% year.
  • For 2017 an increase of 6% in the prices is expected.

In Bufete Frau we are specialists in Real Estate Law, Construction and Planning Laws  and we can assist you in each stage of the real estate process.

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