Boom of real estate transactions in the Balearics
Real estate transactions in the Balearic Islands reached a maximum of 4,000 million euros in 2019, a figure of which foreign buyers accounted for 40 percent, up to a volume of 1,600 million euros, according to a report by the real estate agency Engel & Volkers.
In particular, Mallorca has become a “magnet” for a large part of international buyers. “The island is known for its magnificent quality of life, stable prices and a strong economy. Little by little, we see that the availability of housing in the market is once again in line with the level of demand,” explained the director of the real estate agent in the Balearic Islands, Florian Hofer. More specifically, Engel has a 30 percent share of international customers.
In relation to Palma, it has a volume of real estate transactions of around 1,000 million euros in 2019. Among the main places of the city are the neighborhood of Genoa and the old town, where the average sale price of the apartments is of 800,000 euros. According to calculations by the real estate company, demand will remain high among private buyers and investors.
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