Balearic Islands has the fastest listing recovery rate in Spain

The Spanish Balearic Islands, which reported some of the lowest house price falls in Spain during the six year economic downturn, is now experiencing the fastest and highest rises in the country.

The strong listing market is being supported by a healthy tourism sector and a multi-national house buying population.

Calvia alone has 19,000 non-Spanish residents from 100 different countries.

In Ibiza it is a similar story, buyers are attracted by exciting culinary business ventures from multi-Michelin starred chefs, supercar and powerboat championships, 70 metre plus berths for the finest private mega yachts and several new five star hotels.

On top of this, at the end of April, the Bank of Spain confidently declared an end to the listing crisis. José Luis Malo de Molina, said that ‘the adjustment in the housing sector, in principle, is complete’ and ‘the process of price adjustment, in principle, has already bottomed out’.

The mortgage market is also well into recovery. Data from Spain’s National Institute of Statistics show that listing loans in the Balearics, for example, were up 36.2% in February 2015 over the previous year, above the national average of 29.2%.

Meanwhile, the Spanish rental sector is also improving. Average rents increased by 0.2% in April, compared to the previous month, to €6.98 per square meter per month, according to the data from listing portal Fotocasa, and year on year they increased by 1%.