For centuries, Mallorca has been home to various historical civilisations such as the Greeks, Phoenicians and Romans. Ancient vessels salvaged from its shores bear witness to its past.
This period marked the beginning of settlement in the Balearic Islands, with unprecedented political and economic growth. Thanks to its strategic location in the Mediterranean, Mallorca has been a meeting point for cultures from the Phoenicians and Greeks to the Islamic world.
Today, the island remains attractive to residents and foreigners alike, reflected in the thriving property market. However, in 2022, concerns were raised about a possible ban on property sales to foreigners in the Balearics, causing a 3.19% decrease in real estate transactions.
Before the Covid-19 pandemic in 2019, real estate transactions with foreign buyers in Mallorca were 1,484, but in 2022 they increased to 6,000. Germans and nationals from nearby countries are the main buyers, accounting for 41% of transactions. They are followed by the British with 10% and the French with 8%.
The Mallorcan market is also attracting Italian buyers (5%) and Scandinavian nationals in search of a warm climate and lower energy costs. Property prices in Mallorca are expected to remain high and continue to grow in the future.
Experts predict an increase in prices and sales in the Balearic Islands, despite the possible decrease in bank transactions. During 2022, prices increased by 10.5% and are expected to remain stable in 2023.
Mallorca stands out as one of the most attractive destinations for foreign investors in Spain, with its natural beauty, beautiful beaches and diverse cultural offer.
At INVERSIONESIB REAL ESTATE BOUTIQUE, we wish you a happy summer enjoying the island and its beaches.