The property market in Spain suffered another drop in value last year, but several regions reported a rise in prices.
Majorca in particular was still attracting buyers, especially expats, during the year. In a league of its town, prices rose nearly 5% in the third quarter of 2013, compared to the same period in 2012, as reported by the Spanish development ministry.
Elsewhere, the mountainous Navarre region which borders the Basque Country enjoyed growth of 2.8%, Extremadura bordering on Portugal saw rises of 2.2% and Madrid was up by 0.3%.
The Balearic Islands have kept their allure even during the worst of the country’s economic struggles.
The Council of Notaries report that foreign ownership of property there has doubled over the last five years.
German buyers made three times the number of house purchases in 2012 (1,303) than 2008 (396).
British buyers are still prominent, joined now by numbers of Russians and Scandinavians. In 2008, there were 35 Russian purchases but the figure jumped to 86 by 2012. Swedes bought 27 properties in 2008; this figure rises to 168 in 2012.
Some sales have been prompted by the government’s scheme to give residency to non-EU nationals who buy property worth more than €160,000, but prices in the Balearics are much higher than this and the majority of buyers are already EU citizens.
Dutch, Belgian, and Danes also make up the list of buyers keen for a place in Spain, with the Balearics as the on top of the list, although some have settled for Costa del Sol and Costa Blanca.
Luxury homes, some upwards of seven million euros, comprise the bulk of purchases. Taylor Wimpey España, the only developer building and selling new apartments in Majorca, says its high-end properties are easier to sell than less expensive ones.
