Whatever is happening in the political and economical world right now, the good news for sellers is that house prices are increasing. If you are a buyer, now is definitely the time to commit to buy.
Average prices for both new build and second-hand homes in the Balearic and Canary Islands grew by 11.3% in November compared with the same month last year, according to Tinsa, one of the leading real estate valuation services.
House prices increased by an average of 3.7% across Spain as a whole last month, in line with the year-to-date increase of 3.8%. Only the island territories have seen an annual average increase of over 5% in 2019 confirming what we know, the Balearics are the perfect place to set up home or own a holiday home.
Average house prices in regional capitals and bigger cities in Spain have gone up by 4.6% and 2.5% respectively over the past year. The Mediterranean coast on the other hand has seen a year-on-year rise of only 0.3%, lower than that seen in smaller towns or “remaining municipalities” where prices have risen by 1.3% over the past 12 months.
Compared with figures published at the end of 2018, house prices across Spain have gone up by an average of 2.4%. Only the islands, regional capitals and big cities have shown above average increases, with rises of 6.2% and 3.6% respectively.
Since the house-price lows registered at the end of the recession, house prices in Spain have gone up by an average of 16.8%, with bigger leaps in the case of the Balearic and Canary Islands (+29.1%), regional capitals and big cities (+26.8%), Mediterranean coast (+15.8%) and metropolitan areas (+13.6%). In all other areas, the rise was much smaller (5.5%).
This shows that buying property here in Mallorca is an excellent investment opportunity. The draw of the island brings in international tourists and stars every year, all you have to do is choose your budget, area and type of property and we can help you find your dream home here in Mallorca.