The sale of homes in the Balearic Islands returns to the figures prior to the 2008 crisis
The Balearic property market is undergoing a revolution in many ways. While only 1% of rental homes in Palma fall below 600 euros, the sale of homes registered its best month of November since 2007, with figures close to the years prior to the global crisis. In the eleventh month of 2021, the Islands recorded 1,496 operations to buy and sell homes. Compared to the same month a year ago, registrations have shot up 70.8 percent. According to the latest data from the National Institute of Statistics (INE), the Islands also lead the percentage growth in Spain, since the average increase in the country was 34.7%. That is, half of what is documented in the Balearic Islands.
If we take into account the total number of properties transferred, 5,339 were registered in the entire month of November. The last time such data was recorded was in November 2007, the year before the start of the global crisis, in which there were 5,349. In 2008, just one year later, the number dropped dramatically to 3,803. Although the lowest data of the decade was slow in coming: in 2014 it reached 3,060 transmissions.
As for the annual variation of transmission of farms, the Balearic Islands is the second community with a higher percentage (26%), only behind Cantabria (33.8%). The third is Andalusia, with 23.3%.
The months of September, October and November are usually crucial for both clients and companies because, after spending the entire summer evaluating homes, purchases tend to be “more thoughtful and less impulsive”.
The communities that present the greatest annual increases in the number of home sales in November are, therefore, Balears (70.8%), La Rioja (56.4%) and Cantabria (49.9%). As can be seen, the difference with respect to the second is more than 14 percentage points. The national average stands at 24.4%. Thus, 20.7% of the houses transmitted by sale in November are new and 79.3 percent are used.
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