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Property sales in Mallorca & the Balearics improving
Number of property transactions in the Balearics increases from same time last year
There were 683 property sales in the Balearics in the month of October 2012 which represents an increase of 30.1% over the same period in 2011 where there were 503 property transactions.
There has also been a drop of 14% in house prices in the 3rd quarter since the same period in 2011 according to the National Institute of Statistics.
The annual rise in house sales in October is higher than the figure of 9.1% which was recorded in August. This puts the Balearics in 2nd place for highest number of property sales behind the mainland region of Castilla La Mancha.
New house prices fell by 13.6% and corresponds to 56.2% of sales. Second hand house prices fell by 16.4%, corresponding to 43.7% of sales in October 2012. The number of farms being sold increased by 20.5% since the same time in 2011.
New banks are also reducing their exposure on the real estate market. Savings banks such as Novacaixagalicia have reduced their exposure by €500m during the first 8 months of 2012 which corresponds to the sale of 5000 properties.
