Nowhere else in Spain, the number of foreign property purchases has grown in the past year as much as in Majorca and the other Balearic Islands. This is the result of a study by the National Spanish Statistics Association INE.
According to this, almost 30 % more property was sold to foreign investors in 2016 than in 2015. Villas, luxurious fincas and noble city houses are the main businesses. According to the study, most buyers came from Germany, France, Norway and Sweden.
On the other hand, the British market has declined. Because of the “Brexit”, many british people no longer dare to go to large real estate businesses in the EU overseas, according to experts.
Tax benefits at the End of the Year
Most of the purchase contracts of 2016 were signed in the last quarter of the year, between October and December. Experts see the reason for this in tax benefits. A total of 13,811 properties were sold in the Balearic Islands last year, 2724 of them are attributable to new buildings and the luxury segment.