Balearics is one of the most dynamic real estate markets in the purchase of housing in 2017, the latest data also point to a price increase in the last year slightly above 9%, and 7.3% only during the three months of summer.

The price per square meter stood at 1,953 euros in the third quarter, slightly above the 1.931 euros in País Vasco and a short distance from the 2.004 euros of the Community of Madrid, according to the valuer Tinsa. This unstoppable rise in prices is largely explained by the tourist boom. During the third quarter of the year,Balearic Islands was the largest home sales community, up 21% in just 12 months. In addition, behind Madrid (63,037), Barcelona (51,010), Alicante (32,068), Málaga (28,271) and Valencia (23,644), Baleares was the province where more transactions were recorded (15,158 sales), according to data of the registrars.

The average mortgage in Balearic Islands stands at 145,833 euros, just behind the Community of Madrid, with 184,223 euros, and ahead of communities like Cataluña (138,447 euros) and País Vasco (135,955 euros). In fact, also behind Madrid, Baleares is the second communities with the highest average monthly mortgage fee: 705.21 euros.

During the first eight months of this year 11,000 homes have been sold in the Balearic Islands, a figure that represents a growth of 18.2% over the previous year and based mainly on the sale of second-hand properties.

According to data from the National Institute of Statistics, 9,065 used homes and 1,935 new construction have been acquired in the archipelago. What stands out is the huge difference between the two categories, since the sale of the former is growing at a rate of 25.2% compared to last year, while the latter are down 6.3%.

In Ripoll & Mateu Solicitors Mallorca, we offer our clients a comprehensive service in everything required for the sale of a property. It is therefore necessary to have the services of a firm of lawyers specialising in real estate law with multilingual abilities to offer totally reliable and understandable advice to the customer.

We specialise in Real Estate Law and legal and tax advice in the process of buying and selling a property in Mallorca.