The market reports for the past year 2018 have been published and, despite of a slight decline in purchases in 2018, there is still a continuing interest in buying real estate in Mallorca. According to official figures, 14,073 real estate transactions in 2017 are opposed by 13,877 sales in 2018, a slight decline, although the transaction volume rose from 3.2 billion euros to 3.3 billion euros. 35% of the buyers came from abroad, the remaining 65% from Spain. The market therefore remains stable despite Brexit.
However, a significantly stronger interest in properties in the medium price segment between 300,000 and almost 2 million euros is noticeable. Some island brokers speak of an “overpriced” market, and indeed price corrections are taking place for properties in the upper price segment. Nevertheless, according to TINSA, prices on the Balearic Islands rose by 8% in March 2019 compared to the same month in 2018.
Customers, most of whom come from Germany, are no longer willing to pay any price and have become more critical. Many buyers think, compare and negotiate longer before going to the notary.
Here professional and experienced brokers are in demand as intermediaries who actively contribute to a satisfactory result for all parties.