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Official data reveals just how popular the Balearics Islands are with foreign buyers

The latest official figures from the Land Registry in Spain show that in 2013 the Balearics had the highest number of property sales to foreign buyers as well as the highest number of sales over half a million euros.

British, Russian, Swiss, Scandinavian and, to a lesser extent, Germans, were the main nationalities represented in the Balearic property market in 2013.

In fact 83.4% of foreign purchases came from those within the European Union, with the remaining 16.52% coming from non-EU countries, with Russia in the lead.

The areas of most interest are all within Mallorca, namely Port Andratx in the southwest, Deia and Port Soller in the west, Pollenca in the north and Arta and Capdepera in the east.

Local expert Balearics Sotheby’s International Realty believes this proves the Islands’ resilience. ‘In 2013, some 30.73% of house sales in the Balearics were attributed to foreigners, significantly higher than say Andalucia at 12.35% or Catalunya at 11.54%,’ explained the firm’s managing director Daniel Chavarria Waschke.

‘Meanwhile, 14.34% of those sales to overseas buyers were for properties over half a million euros. This compares to just 7.43% in Andalucia and 6.57% in Catalunya. The other regions like to talk up their markets, but the Balearics is the only one that can prove that a melting pot of nationalities has kept the property market busy and buoyant,’ he said.‘Put simply, the Balearics are a wonderful place to own a home. Building regulations have been tight for years, a large chunk of the land is construction free or UNESCO protected such as Mallorca’s Sierra Tramuntana, Ibiza’s High Town and the Island of Formentera,’ he explained.

He also pointed out that there are 26 golf courses, the most Blue Flag beaches and marinas in Spain, amazing cuisine and culture, and incredible scenery characterised by high mountain ranges and turquoise blue seas.

He also believes that the new golden visa which grants residency to non EU buyers spending a minimum of €500,000 on property which came into place last year has helped to bump up the number of sales at over half a million euros.

The Balearics has also been named the region with the highest percentage of registered foreign residents in Spain, with 18.3% of the population as at 01 January 2014, according to the National Institute of Statistics.

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