The sale of luxury homes has skyrocketed foreign investment in the Balearic Islands in general and particularly in Mallorca during the first half of the year. Recent studies show data 56.6% of the investment, according to the Ministry of Economy, reaching a total of 61.9 million euros capitalize.
From the Association of Real Estate Developers of Balears (Proinba), it states that currently the type of property being sold at a good pace are single-family luxury homes, with average prices ranging from 350,000 to several million euros . As we have mentioned in previous posts on real estate market, this is a market that postulates the rise and continue to do so throughout this exercise. Swedish, French, German, Swiss and British operations are capitalizing on sale in Mallorca, Menorca and Ibiza. Balearics leads the transactions of such properties to foreign citizens, above any other autonomous community. And it does since 2009, throughout the recession, which gives an idea of the appeal of the Balearic Islands still treasuring for investors from outside our borders. The increase in transaction confirms the good health of the housing market and shows that after the crisis the sector has returned to normal, although the numbers are still far from those achieved in the hardest years of the property bubble. Furthermore, the particular demand has not been influenced by political uncertainty and it seems that we have a demand pull, which is clearly reflected in price increases.
Similarly, from the Chamber of Commerce of Mallorca assert that the real estate sector is which is attracting foreign investment, as well as the hotelier. Tour operators buy establishments to make beds for the next three years in Mallorca and other islands. To this must be added that increasing air connectivity with Nordic countries and Central Europe has encouraged this increase in real estate transactions in the past two years.
For foreign investment , we offer legal assistance regarding funds from other countries for investment in real estate and business. Our team has extensive international experience and cooperation agreements with international firms. We are also members of the Association of International Property Professionals (AIPP).
The Ripoll & Mateu Solicitors Mallorca team is committed to providing the best work processes to provide our customers with the best results, in a constant quest for professional excellence. We establish external collaboration when circumstances require and are firmly committed to transparency and honesty in our actions.