House prices begin to rise in Mallorca
Property sales in the Balearics have grown by 9.1% since September last year
Property sales in the Balearic islands are increasing and are up by 9.1% from September 2011. The property market in the Balearics is performing much better than that of mainland Spain where the year-on-year increase to September 2012 was only 0.9%.
Mallorca is the largest and most popular destination in the Balearics and has seen a steady increase in property prices which shows signs of the market starting to move again. For example a house priced at €420,000 in March 2011 has now risen to €467,500 in September this year.
In August 2012 a total of 901 property sales were registered in the Balearics which is a growth of 32.3% since August 2011. In September this year there were fewer sales registering a figure of 622. Of the September sales, 584 were in the private housing market of which 47.4% were second hand properties and 52.5% were new builds.
Areas of mainland Spain with the greatest number of sales was La Rioja with 128 transactions and Valencia with 103.
